Fondo de Garantía de Depósitos de Entidades de Crédito

Deposits of securities

Payment of secured amounts

The securities guarantee compartment of the Deposit Guarantee Fund for Credit Institutions must settle investor's claims as soon as possible and no later than three months after determining the investor's position and the value thereof.

Should the Deposit Guarantee Fund for Credit Institutions expect it will be unable to make the necessary payments before the legally established deadline, it may ask the Bank of Spain for an extension of no more than three months, specifying the reasons for the request. The Bank of Spain may authorise an extension when it verifies there are exceptional grounds for the delay, such as a large number of investors, the existence of securities held by the institution in other countries or evidence of extraordinary legal or technical difficulties confirming the actual balance of the secured securities or whether or not to reimburse the secured sum.

Amounts secured for deposited securities or instruments will not be paid out for deposits made after the date on which the events leading to the Fund honouring the guarantee have occurred or for investments that have been withdrawn after said date.