A depositor who is entitled to compensation under the Scheme may only submit one claim in respect of all his eligible deposits, taken in aggregate, with the bank concerned.
When it is determined by the competent regulatory authority that a bank is unable to meet its obligations towards its depositors, the Scheme's Management Committee shall publish a notice in at least two (2) local newspapers, informing depositors of the bank concerned of such failure, and of the manner in which claims, supported by documentary evidence, are to be submitted.
Claims shall be made in such form, and shall be accompanied by such documentation or information, as the Management Committee may determine and make public from time to time.
The right of a depositor for compensation shall not be forfeited if the depositor is able to prove that he was unable to assert his right to compensation within any time limits prescribed by the Management Committee.
The Management Committee shall proceed to pay compensation for verified claims within twenty (20) working days of the date when the competent regulatory authority determined that the bank concerned was unable to meet its obligations towards its depositors. Exceptionally, the Management Committee may apply to the competent regulatory authority for an extension of this period by a further period not exceeding ten working days.
The Management Committee shall make its own administrative arrangements for verifying claims. These arrangements shall include:
The Management Committee may refuse to make a payment for compensation until the claimant informs the Management Committee as to the capacity in which he is the beneficial owner of the deposit and provides satisfactory documentary evidence and information to allow the Management Committee to determine the amount of compensation payable.
Also, the Management Committee may decide to delay payment to a claimant until determination of any criminal charge brought against the claimant, depositor, or any person entitled to or interested in respect of an eligible deposit under the provisions of the Prevention of Money Laundering Act or a corresponding law of a country outside Malta.
Where, in the opinion of the Management Committee, circumstances so warrant, the Management Committee may effect part payments to claimants eligible for compensation.
Where the Management Committee is of the opinion that a depositor is not eligible for compensation in whole or in part, the Management Committee shall give notice in writing to the depositor of that opinion and of the reasons therefor.
Prior to any payment for compensation, depositors shall confirm in writing to the Management Committee that:
For more information on the Scheme you may also access the Depositor Compensation Scheme website:
Or contact the Management Committee of the Scheme at the below address:
Compensation Schemes Management Committee
c/o Malta Financial Services Authority
Tel: +356 21441155
E-mail: [email protected]
Izola Bank p.l.c. is a member of the Malta Bankers Association.
The Malta Bankers' Association was first established in May 1962 as a co-ordinating and lobbying body, for banks operating in Malta, on sectorial issues and policies. Membership in the Association is open to all banks which are authorised to operate in Malta.
Izola Bank is licensed by the Malta Financial Services Authority to carry out the business of banking in terms of the Banking Act, 1994 (Chapter 371, Laws of Malta).
The Malta Financial Services Authority (MFSA) is the single regulator for financial services activities in Malta. It regulates and supervises credit and financial institutions, investment, trust and insurance business and also houses the country's Companies Registry. Izola Bank p.l.c. is a licenced bank authorised by the MFSA.