Government Guarantee Term Deposits are financial instruments designed to provide enhanced security for depositors through explicit government backing. This document is used when establishing term deposits that exceed standard Financial Services Compensation Scheme (FSCS) limits or require additional government protection. It's particularly relevant in times of financial market uncertainty or for specific types of public sector deposits. The agreement, governed by English and Welsh law, details the guarantee mechanisms, deposit terms, and the responsibilities of all parties involved. It's commonly used by financial institutions, government bodies, and large institutional depositors requiring enhanced deposit protection.
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1. Parties: Identification of the deposit-taking institution and depositor
2. Background: Context of the guarantee arrangement and regulatory framework
3. Definitions: Key terms used throughout the document including regulatory references to FSMA 2000, Banking Act 2009, and Financial Services Act 2013
4. Deposit Terms: Core terms including amount, duration, interest rate, and account specifications
5. Guarantee Provisions: Details of government guarantee coverage, limits, and conditions of the guarantee
6. Early Withdrawal: Conditions and penalties for early withdrawal of deposits
7. Regulatory Compliance: Compliance with FSCS regulations, PRA rules, and FCA requirements
8. Data Protection: Provisions relating to GDPR and Data Protection Act 2018 compliance
9. Termination: Circumstances and process for termination of the deposit arrangement
1. Multiple Account Provisions: Additional terms for depositors holding multiple accounts or complex account structures
2. Foreign Currency Provisions: Specific terms and conditions for non-GBP deposits including exchange rate considerations
3. Tax Provisions: Specific tax treatment and reporting requirements for the deposit arrangement
4. Anti-Money Laundering Provisions: Additional AML requirements for high-value or specialized deposit products
1. Schedule 1 - Interest Rate Schedule: Detailed breakdown of applicable interest rates and calculation methodology
2. Schedule 2 - Deposit Protection Limits: Current FSCS and additional government guarantee limits and coverage details
3. Appendix A - Account Details: Specific account information, reference numbers, and account holder details
4. Appendix B - Required Documentation: List of required customer documentation and verification requirements
5. Appendix C - Regulatory References: Detailed references to applicable legislation and regulatory requirements
Relevant legal definitions
Account
Additional Guarantee
Applicable Interest Rate
Authorized Signatory
Banking Day
Deposit
Deposit Protection Limit
Deposit Term
Early Withdrawal
Early Withdrawal Penalty
Effective Date
Eligible Deposit
FSCS
Government Guarantee
Government Guarantee Scheme
Interest Payment Date
Interest Period
Maturity Date
Maximum Guarantee Amount
Minimum Deposit Amount
Notice Period
Principal Amount
Regulatory Authority
Relevant Financial Institution
Term Deposit
Term Sheet
Treasury
Withdrawal Notice
Additional Guarantee
Applicable Interest Rate
Authorized Signatory
Banking Day
Deposit
Deposit Protection Limit
Deposit Term
Early Withdrawal
Early Withdrawal Penalty
Effective Date
Eligible Deposit
FSCS
Government Guarantee
Government Guarantee Scheme
Interest Payment Date
Interest Period
Maturity Date
Maximum Guarantee Amount
Minimum Deposit Amount
Notice Period
Principal Amount
Regulatory Authority
Relevant Financial Institution
Term Deposit
Term Sheet
Treasury
Withdrawal Notice
Clauses
Deposit Terms and Conditions
Interest Calculation and Payment
Government Guarantee
Deposit Protection Limits
Early Withdrawal
Account Operation
Term and Duration
Representations and Warranties
Eligibility Criteria
Payment Instructions
Default Events
Force Majeure
Notices
Amendments
Assignment
Confidentiality
Data Protection
Regulatory Compliance
Governing Law
Dispute Resolution
Severability
Entire Agreement
Anti-Money Laundering
Tax Compliance
Account Statements
Electronic Communications
Set-Off Rights
Termination
Interest Calculation and Payment
Government Guarantee
Deposit Protection Limits
Early Withdrawal
Account Operation
Term and Duration
Representations and Warranties
Eligibility Criteria
Payment Instructions
Default Events
Force Majeure
Notices
Amendments
Assignment
Confidentiality
Data Protection
Regulatory Compliance
Governing Law
Dispute Resolution
Severability
Entire Agreement
Anti-Money Laundering
Tax Compliance
Account Statements
Electronic Communications
Set-Off Rights
Termination
Relevant Industries
Relevant Teams
Relevant Roles
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