75. A membership of a DGS is a necessary condition for a credit institution being allowed to take …

A membership of a DGS is a necessary condition for a credit institution being allowed to take deposits. In addition, the receiving DGS must be able to meet its obligations towards the depositors of the member credit institution from the first day. Therefore, a credit institution’s transfer of membership should happen seamlessly. This implies that the transfer of contributions from one DGS to another should happen on the same day on which the member credit institution leaving one DGS joins the other DGS. Arranging the transfer on the same day also removes the risk of the transferring DGS using the funds contributed by this institution in a payout or resolution after the member credit institution has left the transferring DGS.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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