Money deposits

PAYMENT OF GUARANTEED AMOUNTS

The FGD, after making the relevant checks, will proceed to pay the guaranteed amount of the deposits within the 20 working days if any of the circumstances mentioned in the foregoing paragraph arising. This period may only be extended as a result of exceptional circumstances and with the authorization of the Central Bank. Payment shall be made under the terms of Article 9 of Royal Decree 2606/1996, 20 December.

When in the judgment of the FGD’s Management Committee, there are circumstances that show up the relation or the participation of a depositor in the causes of the obligation to indemnify, payment of the corresponding indemnities may be suspended until, at the request of one of the parties, the court declares the non-existence of this relation or participation.  The FGD shall have a similar right when a depositor or any other person with a right or interest in a deposit has been tried or if proceedings have been commenced in relation to money laundering crimes or when summary proceedings pursuant to Title III of Book IV of the Law of Criminal Proceedings have been commenced, until the time of their completion.

By the mere fact of paying the guaranteed amounts, the rights of the depositors shall, by operation of the law, be subrogated to the FGD up to an amount equal to the guarantee paid. The document accrediting that this payment has been made shall be sufficient to demonstrate the right of subrogation.

Apart from each depositor can address the respective FGD in the case of the execution of the guarantee the FGD will contact each depositor individually to arrange payment of the guaranteed amounts, under the conditions set by current legislation.