Depositor payout process

TEKE, in cooperation with participating banks and the Bank of Greece, has designed a detailed procedure to be followed should the payment of compensations be necessary, with the aim to reduce the time required for the beginning or the reimbursement and the minisation of errors durinf the calculation of the compensation amounts. 

Indicatively, once the license revocation of the defaulting bank is announced by the Bank of Greece, the steps to be followed include the following:

  • TEKE informs depositors through the press about the depositor compensation process and advises them of the immediate actions they should take.
  • The Agent Bank, as appointed by TEKE, is notified of the initiation of the payout process.
  • The liquidator appointed to the defaulting bank following its license revocation, compiles an electronic file containing all the information necessary for the payment of compensation to eligible depositors. Banks, in cooperation with TEKE and the Bank of Greece, have in place software applications for the production of this file within 72 hours.
  • The electronic file is securely transmitted to TEKE, for data validation and processing before the preparation of a list of eligible depositors and corresponding claims.
  • TEKE communicates the list of depositors to the Agent Bank. Following a press release from TEKE in the press, depositors may visit the branches of the Agent Bank, where:
    • they can be informed in writing of the amount of compensation they are entitled to and how this amount is calculated;
    • upon providing identification, they may collect the compensation they are entitled to (the payment can be made in cash, by a bank cheque or by a transfer to an account held with the Agent Bank or any other bank);
    • if they disagree with the amount of compensation, they may submit a request for re-evaluation of the amount.
  • The payout process is designed to ensure confidentiality and security of personal data of depositors, accommodate smooth transaction between depositors and the Agent Bank and expedite the disbursement of compensation to true beneficiaries.