Money deposits

MONEY DEPOSITS NOT GUARANTEED

The following deposits are not guaranteed:

1. Deposits by other credit institutions in their own name and on their own behalf, and those made by the following entities and financial institutions:
   1. Broker-dealer firms.
   2. Insurance companies.
   3. Security investment companies.
   4. Management companies responsible for collective investments, pension fund companies, mortgage securization funds, venture capital and the deposits of the institutions that they manage.
   5. Portfolio management companies.
   6. Venture capital companies and their management committee.
   7. Entities whose main business is the holding of shares or part ownership of companies.
   8. Institutions, of whatever name or type, that in accordance with the regulations applicable to them, carry out business typical of those listed above.
   9. Any financial institution subjected to supervision.
2. Securities representing debt issued by the credit institution, including promissory notes and negotiable instruments.
3. Bearer certificates of deposit, temporary transfers of assets and finance with a subordination clause.
4. Deposits constituted by companies belonging to the same economic group as the credit institution.
5. Deposits constituted by Public Administrations.
6. Deposits constituted by persons holding management or administration posts in the institution giving rise to the fund’s action, pursuant to Article 1.4 of Law 26/1988, 29 July, on discipline and intervention in credit institutions, by persons with a significant share of the capital of the institution, pursuant to Article 56 of Law 26/1988, or a stake in companies in their economic group, in accordance with the criteria in Article 4 of Law 24/1988, 28 July, on the Securities Market, or their spouses or immediate family member.

Also are excluded of guarantee the deposits constituted:

1. In breach of current legislation, in particular those funds arising out of operations in relation to which there has been a criminal sentence for offences involving money-laundering transactions.
2. For customers who have brought about, through their own actions, financial conditions that have contributed towards worsening the situation of the institution, provided such circumstances have been confirmed by a court conviction.
3. Persons acting on behalf of any depositors excluded under the foregoing or under this subsection, or those acting in concert with those persons mentioned previously in paragraphs a) and b).