Client accounts - absolutely entitled beneficiaries

For deposits held on behalf of another person, the guarantee covers the person who is the absolutely entitled beneficiary of the account, where such person is or can be identified before the date when the deposit becomes unavailable. Indicatively, in cases of client accounts held by investment services firms in their own name but on behalf of their clients, the clients (absolutely entitled beneficiaries) will be covered for their share in these accounts if they can be identified before the date when deposits become unavailable. The resulting amount for each client is added to any other deposits held by that client with the defaulting bank and the maximum coverage level of 100,000 euro for the aggregate deposits is applied.