The Spanish system for guaranteeing deposits for credit institutions

EQUITY AND ANNUAL PREMIUMS

In order to fulfil its purposes, the FGDs have their own equity which is provided by the annual contributions from the member credit institutions, whose amount will be the 2 per 1.000 of the guaranteed deposits.

The Minister of the Economy and Public Treasury is authorized to reduce them when the FGD’s equity is considered sufficient to meet its needs. Moreover, it may suspend contributions when the FGD’s equity reaches 1% of the calculation base of the contributions of the member institutions as a whole. Under certain circumstances defined by law, the Management Committees may agree on extraordinary contributions from the institutions, and the Central Bank may also make exceptionally contributions of an amount set by law.

The current contributions are: