Payment of compensations from sectoral funds
Deposit Guarantee Sectoral Fund
Deposits of depositors of credit institutions registered in Estonia and Estonian branches of foreign credit institutions shall be guaranteed and compensated for out of the Deposit Guarantee Sectoral Fund.
Investor Protection Sectoral Fund
Investments made through an investment institution registered in Estonia or the Estonian branch of a foreign investment institution shall be guaranteed and compensated for the investors out of the Investor Protection Sectoral Fund.
Pension Protection Sectoral Fund
Loss caused to the unit-holders of a mandatory pension fund for which the unit-holders have not been compensated by the pension management company by the due date established by the Supervision Authority shall be compensated for out of the Pension Protection Sectoral Fund.
Other sources for compensation
If the assets of a sectoral fund are not sufficient to preform the obligations of the sectoral fund, the Fund may, on the basis of a resolution of the supervisory board:
- take loans from credit institutions or other persons;
- perform the obligations of the sectoral fund out of another sectoral fund.
State loan and state guarantee
If, according to a resolution of the supervisory board, the funds provided for hereinbefore are not sufficient to perform the obligations of a secoral fund, the supervisory board may apply for a state loan ar a state guarantee for a loan taken by the Fund.
Guarantee limits
Guarantee and compensation limits for deposits and investments
|
PERIOD |
DEPOSITS |
|
From
31 December 2003 |
90 per cent but not more than in the amount of 100 000 kroons |
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From
31 December 2005 |
90 per cent but not more than in the amount of 200 000 kroons |
|
From
31 December 2007 |
90 per cent but not more than in the amount of 313 000 kroons (20 000 euro) |
|
From
09 October 2008 |
100 per cent but not more than in the amount of 782 330 kroons (50 000 euro) |
|
PERIOD |
INVESTMENTS |
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From
31 December 2005 |
90 per cent but not more than in the amount of 200 000 kroons |
|
From
31 December 2007 |
90 per cent but not more than in the amount of 313 000 kroons (20 000 euro) |
|
From
01 January 2008 |
100 per cent but not more than in the amount of 313 000 kroons (20 000 euro) |
Compensation for loss to unit-holders of the pension fund
- A unit-holder shall be compensated in full for loss subject to compensation out of the Sectoral Fund in the amount of up to 10 000 euro per specific loss event of the unit-holder.
- Any loss exceeding 10 000 euro per specific loss event of a unit-holder shall be compensated for to the extent of 90 per cent.
Right of claim
Upon payment of compensation to depositors, investors, unit-holders and other entitled persons, the right of claim against a fund participant shall transfer from such persons to the Fund to the extent of the amount paid.
The claims of entitled persons against a fund participant which have not been compensated for by the Fund shall be satisfied pursuant to the Bankruptcy Act and other Acts.
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