Money deposits

CAUSES OF EXECUTION OF THE GUARANTEE

Deposit Guarantee Funds will pay deposit holders the guaranteed amounts of their deposits when any of the following circumstances arise:

1. An order was issued declaring the insolvency procedure of a credit institution.
2. That, having declared the insolvency procedure of the entity as described in the preceding paragraph and where there has been non-payment of deposits due and payable, Banco de España determines that in its opinion and for reasons directly derived from the entity's financial position concerned, it is unable to restore them and to have no prospect of being able to do so in the near future. Banco de España, after hearing the Fund Management Committee must resolve as soon as possible and no later than within five working days for the first time after verifying that the entity has failed to repay deposits which are due and payable after have been heard by the entity concerned, but the latter involves interruption of the period indicated.

BENEFICIARIES OF THE GUARANTEE

The beneficiaries of the guarantee are depositors, whether they are legal or natural persons. The guarantee is applied to each depositor, regardless of whether a depositor has several deposits or a deposit has several holders.