innistæðueigenda

Innistæðueigandi is a person or entity that holds a deposit (innistæða) in a financial institution, such as a bank, savings bank, or credit union. The term is used in Icelandic financial and consumer protection context to refer to those who have money deposited with an institution.

In Iceland, deposits are protected by the Tryggingarsjóður innistæðueigenda (Deposit Guarantee Fund). The fund provides compensation for covered deposits up to a statutory limit per depositor per institution. The limit is set by law and can be adjusted over time. Covered deposits typically include ordinary cash deposits, current and savings accounts, and certain term deposits, but may exclude some investment products or large deposits not covered by the scheme.

Who qualifies as an innistæðueigandi can include both individuals and legal entities, as long as the funds are deposited with a covered institution within the scope of the scheme. The classification and protection apply to the money kept on deposit with participating institutions, while other financial instruments such as investments in securities or funds not held on deposit are generally not covered.

In the event of a bank's failure or resolution, the deposit guarantee fund is designed to pay compensation to affected depositors up to the insured limit, typically after the institution’s situation is assessed. Claims beyond the insured amount are treated under other bankruptcy or resolution procedures. The deposit guarantee framework operates alongside the central bank and financial regulators to support financial stability and consumer protection.