The regulation in a nutshell > Cash deposits > Payment of covered amounts

Payment of covered amounts

On occurrence of a payout event, the FGD shall transfer the covered amounts to its depositors quickly and smoothly.

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Did you know…… how long does the FGD have to pay?

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Frequently asked questions (FAQs)

We answer the most frequently asked questions from our users

Frequently asked questions (FAQs)

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The deposit guarantee compartment of the FGD must settle duly verified claims within seven working days of the reference dates provided for in Article 7 bis.1 of Royal Decree 2606/1996.

(Note: in accordance with Transitional Provision Six of Royal Decree 2606/1996: The maximum term for payment of seven (7) working days as provided for in Article 9(1)(a) will not take effect until 1 January 2024. Until then, i.e. until 31 December 2023, the maximum payment term will be 10 working days. Until that time, where the FGD cannot make repayable amount available within seven working days, it shall pay depositors, within five working days of receiving their request, an appropriate amount of their covered deposits to cover their cost of living. This amount shall be deducted from the repayable amount as referred to in the first paragraph of Article 7(1). The FGD shall grant access to the appropriate amount as referred to in the preceding paragraph based solely on the FGD’s own data or data provided by the credit institution. (…))

The exact information on depositors and covered deposits needed to check claims will be gathered and supplied by the credit institutions within the deadlines indicated in the previous paragraph.

Repayment of the deposits provided for in the first paragraph above may be deferred where:

  • It is uncertain whether a person is entitled to receive repayment or the deposit is subject to legal dispute.
  • The deposit is subject to measures restricting the powers of its holders to withdraw it.
  • There has been no transaction relating to the deposit within the last 24 months.
  • The amount to be repaid, as per the second paragraph of Article 10(1) of Royal Decree-Law 16/2011 of 14 October, exceeds €100,000.
  • The amount to be repaid is to be paid out by the deposit protection scheme of the host Member State to which the branch of a credit institution operating in Spain belongs.

Notwithstanding the above, the deposits referred to in Article 7(6) of Royal Decree 2606/1996 will be subject to a payout period of up to three months from the date on which one of the events triggering repayment of deposits by the FGD takes place.

The deposit guarantee compartment of the FGD will make the corresponding payments without waiting for a request to such effect from the depositors. For that purpose, the credit institution shall transmit the necessary information on deposits and depositors as soon as requested by the FGD. However, no repayment shall be made by the deposit guarantee compartment where there has been no transaction relating to the deposit within the last 24 months and the value of the deposit is lower than the administrative costs that would have been incurred by the FGD in making such a repayment.


Covered cash deposits


Non-covered cash deposits


Grounds for enforcement of the guarantee and beneficiaries


Deposits that exceed the upper limit of the guarantee

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