Customer deposits at Landesbank Saar (SaarLB, SaarLB France) and LBS Landesbausparkasse Saar are protected by the deposit insurance system of the Savings Banks Finance Group.
The task of the deposit insurance system is to avert economic difficulties at the affiliated institutions by protecting the going concern of the member institutions. The primary objective is therefore to protect these institutions, in particular to ensure their liquidity and solvency. However, this is also intended to prevent the occurrence of a deposit insurance case and to protect customers’ business relationships.
Since the creation of the deposit insurance system in the 1970s, no member institution has become insolvent. No customer in the Savings Banks Finance Group has yet lost deposits or the interest owed on them.
The Deposit Insurance Act (Einlagensicherungsgesetz – EinSiG) entered into force in Germany on 3 July 2015. The law implements the corresponding EU directive. The Savings Banks Finance Group has realigned its tried and tested deposit insurance system to these legal requirements. It was recognised as a deposit insurance system under the Deposit Insurance Act.
1. Voluntary institutional insurance
The primary objective of the deposit insurance system is to protect the member institutions themselves and to avert imminent or existing financial difficulties. In this way, a deposit insurance case is to be avoided and the business relationship with the customer is to be continued permanently and without restriction.
2. Statutory deposit insurance
If, in exceptional cases, the institutional insurance does not apply, the customer has a claim against the deposit insurance system for reimbursement of their deposits up to a maximum of EUR 100,000. The Deposit Insurance Act is authoritative for this.