Deposit Guarantee Fund
Monies deposited with Banco Comercial Português, SA benefit from a refund guarantee given by the Deposit Guarantee Fund, which safeguards against the unavailability of deposits for reasons directly related to its financial situation.
The Deposit Guarantee Fund ensures the refund of up to 100,000.00 Euros per depositor, regardless of whether the depositor resides in Portugal or abroad or whether the deposits are in Portuguese or foreign currency.
The value owed to each depositor is calculated by considering the total value of his/her deposit accounts, including interest, at the date the bank was unable to make the payment. Balances in foreign currency shall be converted into Euros, at the exchange rate in effect at that date (reference exchange rates published by the Bank of Portugal).
The depositor shall be refunded within a maximum of 7 days for a 10,000 Euros tranche; the remaining amount (up to 100,000 Euros) shall be paid out within a maximum of 20 working days, as of the date the deposits were unavailable. The Fund may, under extremely exceptional circumstances and regarding individual cases, request the Bank of Portugal to extend the term, for a maximum period of 10 working days.
For further information, please go to www.clientebancario.bportugal.pt and www.fgd.pt.