Fondo de Garantía de Depósitos de Entídades de Crédito
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Money deposits


The money guaranteed deposits are the following: credit balances on accounts, including those arising from transitory situations, nominative deposit certificates constituted in Spain or in another member state of the European Union, whatever the currency in which they are denominated, with the exclusion of those deposited by financial institutions, public administrations and certain other persons linked to credit institutions in any of the ways envisaged in the regulations.

It shall include monies entrusted to credit institution in order to provide investment services, pursuant the Stock-market Law 24/1988, or monies which derive from the providing of such services or activities.

The monetary amount guaranteed is limited up to a maximum of  100,000 Euros per depositor in each credit institution.

The guarantee shall be applied per depositor, whether the depositor is a natural or legal person, and regardless of the number and type of guaranteed deposits of which the depositor is holder at the same institution.  This limit shall also apply to depositors who hold deposits whose value is above the guaranteed maximum.

When an account has more than one holder, the sum shall be divided between the holders according to the terms of the contract of deposit, or in equal parts otherwise. Each holder is guaranteed up to the maximum limit.

When the holders of a deposit act as representatives or agents of third parties, that provided they act as such at the time of placing the deposit and this fact has been formally declared to the institution prior to the circumstances giving rise to the execution of the guarantee arising, the cover given by the FGD shall be payable to each of the third party beneficiaries of the deposit on the basis of their corresponding share of the deposit.

Deposits existing at the time of a member institution’s having its authorization revoked will remain covered until the institution ceases to exist, and the balance covered will be that existing on the date of revocation.

Holders of credit balances not covered by the guarantee will continue to have the status of ordinary creditors of the credit institution.

Fondo de Garantía de Depósitos de Entídades de Crédito - Legal Advice
C/ José Ortega y Gasset, 22 - 5ª planta, 28006 Madrid
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