Deposits held with the BCGE benefit from a federal protection system. It is applicable independently of whether the client, a natural or legal person, is domiciled in Switzerland or abroad. Below you will find the major points of this scheme.
The guarantee scheme instituted pursuant to the Federal Banking ActIn accordance with the Federal Banking Act, banks guarantee, up to a maximum amount of CHF 100,000 per creditor and per bank, the following deposits :
- assets such as private accounts, savings accounts, investment accounts, salary accounts, digital accounts, custody accounts and current accounts
- medium-term bearer notes deposited with the issuing bank
If the deposits were not to be repaid by “esisuisse”, the Act provides that the amounts not recovered must be allocated, in the order of priority of claims after bankruptcy, to the category of second-class rank up to CHF 100,000 per creditor.
The preferential deposits scheme
In addition to the deposits for which repayment is guaranteed by "esisuisse", preferential treatment covers :
- linked pension plan assets (pillar 3a)
- vested benefit foundation deposits
- deposits held with foreign branches of the bank
The guarantee and the preferential coverage apply per depositor and per bank solely. If a client holds several accounts with the same bank, the assets are added together but the ceiling for preferential coverage and for the guarantee is fixed at CHF 100,000 in total. If the client's assets exceed the ceiling, the claims shall be treated like the claims of other creditors and allocated to the third-class rank in the bankruptcy procedure.
Vested benefit foundation deposits are considered in the same way as the deposits of any pension plan beneficiary or any insured person and, as such, are deemed preferential. Preferential status is valid (together with Pillar 3a deposits) independently of other deposits belonging to the pension plan beneficiary and the person insured up to the ceiling of CHF 100,000. Similarly, Pillar 3a account assets are preferential. Preferential status is valid independently of other deposits held by the depositor concerned, up to CHF 100,000 (with the vested benefit foundation deposits).
Up until end-December 2016, the cantonal law governing the Banque Cantonale de Genève provided for the Canton de Geneva guaranteeing repayment in capital and interest of savings and pension plan deposits held with the bank. As from 1st January 2017, the only protection scheme is that provided by the Swiss Confederation.