Customer of a foreign institution in Sweden?
If you have your savings in a branch of a foreign institution in Sweden, you are covered by another country’s deposit insurance. This also applies if it is a subsidiary of a Swedish institution abroad.
As a general rule, an institution is covered by the deposit insurance scheme in the country where the institution is registered. Branches are covered by the deposit insurance of the parent company’s home country. Finansinspektionen’s (the Swedish Financial Supervisory Authority) website has a list of foreign branches that are licensed to operate in Sweden.
Supplementary deposit insurance
If a foreign branch operating in Sweden is covered by a deposit insurance scheme in its home country with a lower maximum compensation amount or scope than in Sweden, it is possible for the branch to apply for supplemental coverage. If supplemental coverage is granted, the Swedish deposit insurance covers the difference between the two deposit insurance schemes.
These institutions have applied for and been granted a supplement to the Swedish deposit insurance:
- Catella Bank – branch in Sweden
- Danske Bank A/S (Denmark) – branch in Sweden
- DNB Bank ASA – branch in Sweden
- Express Bank – branch in Sweden
- Nordea Bank Abp – branch in Sweden
- Ålandsbanken Abp (Finland) – branch in Sweden
The Swedish Government also has the possibility of extending the Swedish deposit insurance to a credit institution with a branch in Sweden if the home country’s deposit insurance cannot be redeemed.
What applies to a subsidiary bank?
If you have your savings in a subsidiary of a Swedish institution abroad, you are covered by that country’s deposit insurance.
The EU deposit insurance scheme is based on an EU directive. The rules are therefore similar in the different EU countries, for example in regard to the maximum compensation amounting to the equivalent of EUR 100,000.