No excess applies to this system.
To calculate the redemption amount, all assets belonging to one and the same holder are added up together. The customer's obligations or debts the vis-à-vis ING are deducted from this. This sum is therefore not calculated per product, but per holder of the deposits. Every member of a family will be taken into consideration individually with regard to the deposits of which he or she is a holder.
The sum total is subsequently converted into euros and, if applicable, limited to the amount of EUR 100,000.
The intervention takes place following deduction of any payable debts owed to ING.
What happens if there are multiple account holders?
If such an account is held by at least two persons, repayment will be granted proportionally for the assets held on those accounts based on the share to which each of the account holders is entitled individually. If no proof can be given of the contrary, the entitled parties will be deemed to be entitled to equal shares.
And what happens if there is an account to which different people can assert a right as members of an association, a group or joint ownership of the account without legal personality?
If the identity of these persons can be confirmed, the repayments will take place proportionately to the share to which each of them is entitled. If this share cannot be determined, each of the entitled parties is deemed to be entitled to an equal share. If the identity of these persons can, however, not be confirmed, the assets on the relevant account will be deemed as belonging to a single holder.
Further details related to deposit guarantee can be obtained on the website of the Guarantee Fund: http://garantiefonds.belgium.be/fr.
2. Financial instruments
When calculating the compensation for financial instruments that cannot be returned their value is determined at market value. The market value for listed financial instruments is determined on the basis of the average price on the last day on which they were listed prior to the day on which the institution is ascertained to be in default. If the market value is not known, the debt securities will be based on the repayment value, increased with the interest accrued. If neither the market nor the repayment value can be determined, the fund will base its calculation on the estimated recoverable amount. The value will always be calculated on the day preceding that on which the institution is ascertained to be in default. The account holder's obligations or debts vis-à-vis ING will be deducted from the total amount.
The rules that will apply in the event that the security accounts are held by multiple account holders are comparable to those applied to the compensation of deposits.
Further details on the protection of financial instruments can be obtained on the website of the Protection Fund: http://www.protectionfund.be.