After Nordea’s re-domiciliation of the parent company (2017–2018), deposits are covered mainly by the Finnish deposit guarantee scheme. The scheme covers deposits by an amount equivalent of up to EUR 100,000 and, in addition, the deposit is covered in full if it results from the sale of a residence for own use and if the deposit is intended to be used for buying a new residence for own use. Such coverage is valid for six months from the day the funds were deposited on the account. The coverage is paid-out if a bank is permanently insolvent and the Finnish Financial Stability Authority in cooperation with the Finnish Financial Supervisory Authority and the Bank of Finland decides that the bank’s deposits shall be compensated by the deposit guarantee fund. Nordea has also joined the Danish, Norwegian and Swedish deposit guarantee schemes as a supplement to the Finnish coverage.
The deposit guarantee covers private individuals, companies and other legal entities. Certain businesses and institutions will, as today under the Swedish deposit guarantee, not be covered by the Finnish deposit guarantee. The guarantee does for example not cover financial institutions or authorities.