Provision of data to cover the cost of living

A key principle of the Directive 2014/49/EU (DGSD, DGS Directive) is that the repayable amount must be based on the amount of covered deposits that the depositor maintained with the credit institution on the date of determination of unavailable deposits. This is explicitly stated within Article 7(4) of the DGS Directive: “The reference date for the calculation of the repayable amount shall be the date on which a relevant administrative authority makes a determination as referred to in point (8)(a) of Article 2(1) or when a judicial authority makes a ruling as referred to in point (8)(b) of Article 2(1).” Article 8 of the DGS Directive outlines the provisions to repay the repayable amount within seven days, “DGSs shall ensure that the repayable amount is available within seven working days of the date on which a relevant administrative authority makes a determination […]”. Access to an appropriate amount to cover the cost of living is applicable within the context of Article 8 of the DGS Directive where the repayable amount cannot be made within seven working days. Article 8(4) states: “During the transitional period until 31 December 2023, where DGSs cannot make the repayable amount available within seven working days they shall ensure that depositors have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of a request […] The appropriate amount as referred to in the first subparagraph shall be deducted from the repayable amount as referred to in Article 7”. In the context of Article 8 of the DGS Directive, it is implicit that access to an appropriate amount to cover a cost of living request must also be based on covered deposits in existence on the reference date.