International cooperation

European Forum of Deposit Insurers

TEKE actively participates in the European Forum of Deposit Insurers (EFDI), which was established in 2002 with the support of the European Commission. The EFDI currently has 66 members representing deposit and/or investment services insurers from a total of 44 member states of the Council of Europe.

The purpose of the EFDI is to contribute to the stability of financial systems by promoting European and international cooperation in the fields of deposit insurance, crisis management and investor compensation and by facilitating discussion and exchange of expertise and information on issues of mutual interest and concern.
As part of its efforts to strengthen cooperation with EFDI members, TEKE has subscribed to the Multilateral Memorandum of Understanding, designed to promote good relations, sharing of information and active cooperation and collaboration among the DGSs of European Union Member States. The Memorandum is guided by the principles of communication, cooperation and representation.
 

International Association of Deposit Insurers

Since March 2014, TEKE became full member of the International Association of Deposit Insurers (IADI). IADI was formed in May 2002. It is a non-profit organization, constituted under Swiss law, with main purpose to contribute to the stability of the international financial system by promoting guidance and international cooperation on deposit insurance. IADI produces international standards and principles for improving the effectiveness of deposit insurance systems .EFDI and IADI, since their establishment, have been widely acknowledged for their contribution to the stability of the financial system. HDIGF participation to IADI provides access to research material, knowledge and expertise through participation in international conferences and other fora, thus enhancing its operational effectiveness.

 

Bilateral agreement between TEKE and the Bulgarian Deposit Insurance Fund

On 19 February 2014 a bilateral agreement was signed between TEKE and the Bulgarian Deposit Insurance Fund (BDIF). Under the Agreement BDIF serves as a ‘post-box’ for TEKE with regard to TEKE’s member banks operating a branch in Bulgaria. The objectives of the Agreement was for BDIF to support TEKE in the discharge of its functions by acting on behalf of TEKE in the provision of information to depositors and mass media and in the handling of enquiries regarding the payout. Ensuring coordinated efforts in reaching depositors with clear and prompt information, the Agreement contributes to financial stability in both countries. The provisions of Directive 2014/49/EU, which was transposed to the Greek legal framework with law 4370/2016 (Government Gazette A’ 37), depositors in EU branches of Greek credit institutions are reimbursed, on behalf of TEKE, by the Deposit Guarantee Schemes (DGSs) of the host countries. The European Banking Authority has issued Guidelines on cooperation agreements between DGSs, which will be applied to the cooperation agreement between TEKE and the BDIF.

 

Bilateral agreement between TEKE and Entschädigungseinrichtung Deutscher Banken GmbH – EdB

On 11 September 2015, two Bilateral Agreements were signed between the Hellenic Deposit and Investment Guarantee Fund (TEKE) and the Compensation Scheme of German Banks (Entschädigungseinrichtung Deutscher Banken GmbH - EdB). The Agreements are based on provisions of the Directive 2014/49/EC on Deposit Guarantee Schemes (DGSs), which was transposed to the Greek legal framework with law 4370/2016 (Government Gazette A’ 37), stipulating that in case of credit institutions operating on a cross-border basis via branches, the host country DGS represents the home country DGS. In the two Agreements signed, one provides for TEKE acting on behalf of the EdB for depositors at branches set up by German banks in Greece and respectively the other agreement provides for the EdB acting on behalf of TEKE for depositors at branches set up by Greek banks in Germany. The Agreements focus on communication issues with depositors residing in the host country and on reimbursing procedures and they are the first to be concluded under the new European legal framework, while similar agreements expected to be drafted among EU DGSs.