Fondo de Garantía de Depósitos de Entidades de Crédito

Spanish scheme for guaranteeing deposits held by credit institutions

Membership of the Fund

All Spanish credit institutions will be obligatory members of the Deposit Guarantee Fund for Credit Institutions.

Spain's Official Credit Institute (ICO) will not be subject to the obligation stipulated in the previous paragraph.

The Bank of Spain will notify the European Banking Authority as soon as possible when a credit institution joins the Fund.

The branches of credit institutions from states that are not members of the European Union operating in Spain will join the Fund in the circumstances and in the manner stipulated in applicable regulations. However, should these institutions provide depositors with protection that is equal to or exceeds the protection established in the applicable royal decree-law and implementing regulations, they may choose not to join the Fund.