Fondo de Garantía de Depósitos de Entidades de Crédito

Monetary deposits

Payment of secured amounts

The deposit guarantee compartment of the Deposit Guarantee Fund for Credit Institutions must settle duly confirmed claims within seven working days from the reference dates established in article 7 bis.1.

(Note: It should be considered that, pursuant to Transitional Provision Six of Royal Decree 2606/1996 of 20 December:

“1. The maximum payment term of seven working days stipulated in article 9.1.a) will not come into force until 1 January 2024. Until then, the maximum payment terms will be as follows: a) twenty working days until 31 December 2018; b) fifteen working days between 1 January 2019 and 31 December 2020; and c) ten working days between 1 January 2021 and 31 December 2023. 2. Until 31 December 2023, when the Deposit Guarantee Fund for Credit Institutions is unable to reimburse the refundable amount within seven working days, it will pay depositors, within five working days from the request, an adequate amount of the depositors' secured deposits to meet their needs. This amount will be deducted from the refundable sum referred to in the first paragraph of article 7.1. The Deposit Guarantee Fund for Credit Institutions will only provide the adequate amount referred to in the previous paragraph based on the information held by the Fund or provided by the credit institution.”)

The exact information on depositors and secured deposits needed to check claims will be collated and supplied by the credit institutions within the deadlines specified in the previous paragraph.

Reimbursement of the deposits as per the first paragraph of this letter may be postponed in any of the following circumstances:

  • When it is not clear if a person is legally entitled to receive a payment or when the deposit is being disputed in the courts.
  • When the deposit is subject to sanctions restricting the powers of its holders to withdraw the deposit.
  • When no transactions involving the deposit has been performed in the last 24 months.
  • When, as per the second paragraph of article 10.1 of Royal Decree-Law 16/2011 of 14 October, the reimbursable sum exceeds EUR 100,000.
  • When the amount must be paid by the deposit insurance scheme of a European Union Member State to which the branch of a credit institution operating in Spain belongs.

The deposit guarantee compartment of the Deposit Guarantee Fund for Credit Institutions will make the necessary payments without depositors having to request them. To this end, credit institutions will provide all the necessary information on deposits and depositors when the Fund so requires. Irrespectively, the deposit guarantee compartment will not make any payments if there have been no transactions related with the deposit in the last 24 months and the value of the deposit is less than the administrative expenses the Fund would incur making payment.