Depositors' and Investors' Guarantee Fund
Encyclopedia
The Depositors' and Investors' Guarantee Fund (Icelandic
: Tryggingarsjóður innstæðueigenda og fjárfesta) is the statutory deposit insurance
scheme in Iceland
. It is established under Act No. 98/1999 on Deposit Guarantees and Investor-Compensation Scheme, which transposes European Union directive
s 94/19/EC and 97/9/EC into Icelandic law, in accordance with the decisions of the European Economic Area
.
Icelandic language
Icelandic is a North Germanic language, the main language of Iceland. Its closest relative is Faroese.Icelandic is an Indo-European language belonging to the North Germanic or Nordic branch of the Germanic languages. Historically, it was the westernmost of the Indo-European languages prior to the...
: Tryggingarsjóður innstæðueigenda og fjárfesta) is the statutory deposit insurance
Deposit insurance
Explicit deposit insurance is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due...
scheme in Iceland
Iceland
Iceland , described as the Republic of Iceland, is a Nordic and European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. Iceland also refers to the main island of the country, which contains almost all the population and almost all the land area. The country has a population...
. It is established under Act No. 98/1999 on Deposit Guarantees and Investor-Compensation Scheme, which transposes European Union directive
European Union directive
A directive is a legislative act of the European Union, which requires member states to achieve a particular result without dictating the means of achieving that result. It can be distinguished from regulations which are self-executing and do not require any implementing measures. Directives...
s 94/19/EC and 97/9/EC into Icelandic law, in accordance with the decisions of the European Economic Area
European Economic Area
The European Economic Area was established on 1 January 1994 following an agreement between the member states of the European Free Trade Association and the European Community, later the European Union . Specifically, it allows Iceland, Liechtenstein and Norway to participate in the EU's Internal...
.