The Spanish system for guaranteeing deposits for credit institutions

MEMBERSHIP

• All Spanish banking institutions, savings banks and cooperative credit banks inscribed in the Special Register at the Central Bank are legally obliged to be member of their respective FGD.
• Branches of banking institutions authorized in other Member States of the European Union may also join the FGDEB.
• The branches of banking institutions authorized in countries outside the European Union are obliged legally to join the FGDEB when the deposits held in Spain are not covered by a guarantee system in the home country or to cover the difference in level of scope, when the guarantee system in the home country gives less cover than the FGDEB. Memberhip of the Banking Institution Deposit Guarantee Fund shall not be obligatory when the deposits and guaranteed securities are covered in the home country.

Every year each FGD publishes a list of its member institutions in the Official State Gazette (BOE).