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3. Determination of the repayable amount
..........................................................120
3.1 The rule
.............................................................................................................120
3.2 Joint accounts
..................................................................................................120
3.3 Absolutely entitled persons
............................................................................121
3.3.1 The provisions of Article 8........................................................................121
3.3.2 Issues for consideration............................................................................122
3.4 Set-off of deposits with depositor liabilities
................................................122
3.5 Other provisions
..............................................................................................123
4. Repayment procedure (‘payout’)
........................................................................124
4.1 Activation of the procedure: the concept of ‘unavailable deposits’
...........124
4.2 The repayment period
.....................................................................................126
4.2.1 The provisions of Directive 94/19/EC .......................................................126
4.2.2 The provisions of Directive 2014/49/EU ...................................................126
4.2.2.1 The rule
.............................................................................................. 126
4.2.2.2 The exemptions
.................................................................................. 127
4.2.2.2.1 Transitional extention of the repayment period
........................................ 127
4.2.2.2.2 Prolongation of the repayment period or deferral of repayments
................. 129
4.2.2.2.3 Suspension of repayment
...................................................................... 130
4.2.2.2.4 No repayment
..................................................................................... 130
4.3 Currency of repayment
....................................................................................130
4.4 Other provisions
..............................................................................................131
5. Claims and related issues
.....................................................................................131
5.1 DGSs’ right of subrogation
.............................................................................131
5.1.1 The provisions of Directive 2014/49/EU ...................................................131
5.1.2 Ranking of deposits and DGSs’ rights in insolvency hierarchy:
Article 108 of the BRRD ............................................................................132
5.2 DGSs’ claims against credit institutions in the context of resolution
proceedings
......................................................................................................133
5.3 Depositors’ claims against DGSs
....................................................................134
F. Concluding remarks
1. Elements of continuity
.........................................................................................135
2. Elements of change – new elements
.................................................................136
3. Final considerations
..............................................................................................137