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1 Covered investment services are the services defined under Article 4 of Law 3606/2007 (GG 195 A 17.08.2007) paragraphs 1 (a) - (d), (f), (g), as well as the associated service under paragraph 2 (a) of the said Article. Covered services include receiving, transmission and execution of orders, underwriting of financial instruments, safekeeping and administration of financial instruments on behalf of customers, dealing on one or more financial instruments for own account, customer portfolio management, etc.
2 System responsible for the protection of the covered investment service
3 General coverage limit
If a claim from a covered investment service is unavailable due to a credit institution's failure to meet its obligations towards investors/customers under the current legislation, followed by the competent supervisory authority’s decision or court ruling, investors-customers are repaid by the Hellenic Deposit and Investment Guarantee Fund. This repayment covers EUR thirty thousand (30.000) maximum This means that all eligible claims deriving from covered investment services of an investor/customer at the same credit institution are added up in order to set the coverage level. If, for instance, an investor/customer claims EUR 15.000 and EUR 20.000 from two covered investment services respectively, he/she will only be repaid EUR 30.000.
4 Protection limit for co-beneficiaries of the same claim deriving from investment services
As regards investors/customers who are co-beneficiaries of the same claim deriving from covered investment services, each investor/customer's share is considered a separate claim against the credit institution, and the investor/customer is repaid the total amount of EUR thirty thousand (€30.000), which also includes any other claims deriving from covered investment services.
More information on: www.teke.gr
5 Claim for compensation
Within a reasonable time period from the date on which the claim deriving from a covered investment service became unavailable, TEKE publishes an announcement to invite investors/customers to submit their claims deriving from covered investment services in writing against the credit institution participating in TEKE, in which the submission procedure of the claims, the deadlines thereof and their content are defined.
More information on: www.teke.gr
6 Compensation Payment
Compensation will be repaid by TEKE three months at the latest from the date that TEKE sends the compensation beneficiaries’ list to the Bank of Greece. This deadline may be extended up to three (3) months maximum.
The investor/customer's right for compensation is barred after five (5) years from the above deadlines.
To calculate the amount of compensation, the investor/customer's claims are offset with any liabilities the investor/customer has towards the participating credit institution.
More information on: www.teke.gr
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