Fondo de Garantía de Depósitos de Entidades de Crédito

Spanish scheme for guaranteeing deposits held by credit institutions

Equity and annual contributions

In order to perform its functions, the Fund will avail of the following funds:

  • The annual contributions described in the following sections;
  • Special charges imposed by the Fund on members, allocated as per the basis for calculating contributions and up to the limits stipulated in applicable regulations. These special charges will be recognised as equity once agreed; and
  • Funds raised on securities markets, through loans or from any other type of borrowing.

In any event, if the Fund's equity is insufficient for it to fulfil its functions, the Fund will take the necessary steps to redress this.

The deposit guarantee compartment may also be bolstered with payment commitments from members to the Fund, provided such commitments:

  • Are fully secured by unencumbered, low-risk assets that are freely available to the Fund; and
  • Do not exceed 30% of the total funds available in the compartment.

The aforementioned funds will be allocated to one of the following separately accounted compartments into which the Fund will be divided:

  • Deposit guarantee compartment; and
  • Securities guarantee compartment.

Each compartment will cover the costs, expenses and obligations expressly attributed to it under applicable regulations.

In any event, the Fund will assign to each compartment the obligations deriving from raising funds on securities markets, from loans or from any other type of borrowing, as per the intended use of the funds raised.

Each compartment's contribution to covering any costs, expenses and obligations not expressly allocated to a specific compartment will be calculated based on the sum of deposits or securities secured by each compartment, as per applicable regulations.

The Management Committee will determine the annual contributions payable by members into the deposit guarantee compartment.

Annual contributions will be calculated on the basis of the sum of guaranteed deposits held by each member and its risk profile.