Customer Notice about the Full Deposit Guarantee
Provided by the Macao SAR Government
With effect from 1 January 2011, the Macao SAR Government continues to provide deposit protection, but the level of protection will be adjusted to 500,000 Patacas, that is, the maximum level of protection for each depositor at each bank (excluding offshore banks) is 500,000 Patacas.
Being one of the local banks under this scheme, customers’ savings, demand and time deposits denominated in Patacas and other foreign currencies held with BCM bank are protected by the Protection. Interest accrued on a protected deposit is also covered. In the case of a foreign currency deposit, it will be converted into Patacas in determining the entitlement to compensation of depositors.
Besides, it is very important for customers to understand clearly that some specific deposit types stated below are not protected by the Protection:
Structured Deposit
Deposit under which the repayment of the principal and/or interest depends upon the value of the underlying financial assets. Typical examples may include equity linked deposits and foreign currency linked deposits.
Secured Deposit
Deposit pledged to a bank in return for a service, such as a credit or trade facility, from the bank.
Bearer Instrument
This is a form of financial instrument, for instance certificate of deposit, where the holder of the instrument is entitled to the repayment of the money underlying the instrument.
Other financial products such as bonds, stocks, warrants, mutual funds, unit trusts and insurance policies are not protected under the Protection.
Details of the Protection and the Compensation are available for reference or download at the website of the Macau Monetary Authority (www.amcm.gov.mo).
