The Simple Deposit Agreement serves as the primary contractual framework for establishing deposit relationships in the Irish banking sector. It is used when customers (individual or corporate) wish to place funds with a financial institution, whether for fixed terms or on-demand access. The agreement must comply with Irish banking regulations, including the Central Bank Act, Consumer Protection Code, and relevant EU directives. It typically includes provisions for interest calculation, withdrawal terms, fees, account operation procedures, and deposit protection under the Irish Deposit Guarantee Scheme. This document is essential for both retail and corporate banking operations and must be regularly updated to reflect changes in regulatory requirements and banking practices.
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1. Parties: Identifies and defines the depositor and the financial institution, including their full legal names and addresses
2. Background: Brief context explaining the purpose of the agreement and the intention to establish a deposit arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Deposit Terms: Specifies the amount, currency, and type of deposit (fixed-term, demand, etc.)
5. Interest: Details the interest rate, calculation method, and payment frequency
6. Term and Maturity: Specifies the duration of the deposit and what happens at maturity
7. Withdrawals and Access: Conditions and procedures for accessing or withdrawing the deposited funds
8. Fees and Charges: Details any applicable fees, charges, or penalties
9. Account Operation: Rules and procedures for operating the deposit account
10. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority
11. Termination: Circumstances and procedures for early termination of the agreement
12. Notices: How formal communications between parties should be made
13. Governing Law and Jurisdiction: Confirms Irish law as governing law and specifies jurisdiction for disputes
1. Electronic Services: Terms for online banking access and electronic services, if offered
2. Joint Accounts: Additional terms for accounts held by multiple depositors
3. Tax Compliance: Specific tax-related obligations and declarations, particularly relevant for high-value deposits
4. Foreign Currency: Additional terms for deposits in currencies other than Euro
5. Security Measures: Additional security procedures for high-value deposits or special arrangements
6. Deposit Insurance: Detailed information about deposit protection schemes, particularly for amounts exceeding standard coverage
7. Power of Attorney: Terms governing the appointment and authority of representatives
1. Schedule 1 - Interest Rate Schedule: Detailed breakdown of applicable interest rates and calculation methods
2. Schedule 2 - Fee Schedule: Comprehensive list of all applicable fees and charges
3. Schedule 3 - Authorized Signatories: List of persons authorized to operate the account and their specimen signatures
4. Appendix A - Account Opening Forms: Standard forms required for regulatory compliance and account setup
5. Appendix B - Terms and Conditions: Detailed general terms and conditions referenced in the main agreement
6. Appendix C - Regulatory Disclosures: Mandatory disclosures required under Irish banking and consumer protection laws
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