Financial Compensation
Department for International Financial Compensation
The Department for International Financial Compensation (DIFC) is the Mount Vema’s statutory Deposit insurance and investors compensation service for customers of authorized financial services firms of Mount Vema. DIFC services are free to customers of Mount Vema corporations worldwide and is mandatory, funded by state revenues. The compensation scheme covers bank deposits, insurance policies, insurance brokering, investments, mortgages and mortgage arrangement.
Money owed by the Vema Seamount Authority or
Direct Members of the Mount Vema Royal Family
This service also applies to those owed money by Peter Goldishman - The Vema Seamount Authority or His Spouse in the course of their official duties, or private business, due to emergency relocation or issues that could not be dealt with at the time as it would have affected matters related to personal security, safety or the long term stability of the realm.
This department is therefore also responsible for payments of any liabilities personally incurred by Peter Goldishman - The Vema Seamount Authority, His Spouse – Lady Trinity of Mount Vema (The Queen Consort of Mount Vema), and Direct Members of the Mount Vema Royal Family, in accordance with Article 16 of the Vema Seamount Declaration of Sovereignty, and as of August 1st 2006 when the personal belongs of the Sovereign and His Spouse became property of the state – The Vema Seamount Territory, therefore all their personal liabilities became the liabilities of the territory.
Direct Members of the Mount Vema Royal Family
This service also applies to those owed money by Peter Goldishman - The Vema Seamount Authority or His Spouse in the course of their official duties, or private business, due to emergency relocation or issues that could not be dealt with at the time as it would have affected matters related to personal security, safety or the long term stability of the realm.
This department is therefore also responsible for payments of any liabilities personally incurred by Peter Goldishman - The Vema Seamount Authority, His Spouse – Lady Trinity of Mount Vema (The Queen Consort of Mount Vema), and Direct Members of the Mount Vema Royal Family, in accordance with Article 16 of the Vema Seamount Declaration of Sovereignty, and as of August 1st 2006 when the personal belongs of the Sovereign and His Spouse became property of the state – The Vema Seamount Territory, therefore all their personal liabilities became the liabilities of the territory.
This means that DIFC is now responsible for the payment of compensations, to any individual, institution or nation who may have incurred losses after August 1st 2006. The responsibilities also include payments of compensations when a Mount Vema financial institution is unable, or likely to be unable, to pay claims against it.
Insolvency: DIFC protects authorized Mount Vema financial institutions up to 100,000 golles in the event of their insolvency.
Protection is free and automatic
1- DIFC will automatically refund in golles or in foreign exchange, any deposit, savings, or investments, which shall be refunded within 90 days for claims presented twelve months after the incident, or within 28 days for claims presented right after the incident. Including any money owed by His Mount Vema Majesty King Peter Goldishman - The Vema Seamount Authority or His Spouse Her Royal Highness Lourdes of Mount Vema in the course of their duties. Compensations will be made in foreign exchange as follows:
1.1- Financial losses through investment
Losses: up to $200,000 USD | Compensations: up to $400,000 USD
1.2- Financial losses through failed contracts or discontinued services
Losses: up to $100,000 USD | Compensations: up to $200,000 USD
1.3- Financial losses due to emergency relocation due to personal safety
Losses: up to $50,000 USD | Compensations: up to $100,000 USD
2- Bank Accounts Guarantees
2.1- Bank balances with deposits equivalent to up to $1,000,000 USD are protected for up to six months.
2.2- 100% of the first $100,000 per person per authorised firm (for claims against firms declared in default).
Protection is free and automatic
1- DIFC will automatically refund in golles or in foreign exchange, any deposit, savings, or investments, which shall be refunded within 90 days for claims presented twelve months after the incident, or within 28 days for claims presented right after the incident. Including any money owed by His Mount Vema Majesty King Peter Goldishman - The Vema Seamount Authority or His Spouse Her Royal Highness Lourdes of Mount Vema in the course of their duties. Compensations will be made in foreign exchange as follows:
1.1- Financial losses through investment
Losses: up to $200,000 USD | Compensations: up to $400,000 USD
1.2- Financial losses through failed contracts or discontinued services
Losses: up to $100,000 USD | Compensations: up to $200,000 USD
1.3- Financial losses due to emergency relocation due to personal safety
Losses: up to $50,000 USD | Compensations: up to $100,000 USD
2- Bank Accounts Guarantees
2.1- Bank balances with deposits equivalent to up to $1,000,000 USD are protected for up to six months.
2.2- 100% of the first $100,000 per person per authorised firm (for claims against firms declared in default).
