What’s the Deposit Guarantee Fund (Fondo de Garantía de Depósitos)? > Cash deposits > Non-covered cash deposits

Non-covered cash deposits

The FGD does not cover certain types of cash deposits, mainly those where the full return of the entire nominal amount is not assured. You can find all the relevant information here.

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Did you know…… what is NOT guaranteed by the FGD?

We answer the most frequently asked questions from our users:

Frequently asked questions

We answer the most frequently asked questions from our users:

Frequently asked questions

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  1. Credit balances in which any of the following circumstances apply will not qualify as deposits for the purposes of Royal Decree 2606/1996:
    1. Where its existence can only be proven by a financial instrument defined under Article 2 of the consolidated text of the Securities Market Act, as approved by Royal Legislative Decree 4/2015. Accordingly, reverse repurchase agreements and bearer certificates of deposit will not qualify as deposits.
    2. If the principal is not repayable at par.
    3. If the principal is only repayable at par under a particular guarantee or agreement provided by the credit institution or a third party.
  2. The following deposits will not be considered eligible under FGD rules and regulations and will therefore be excluded from the protection offered by the FGD:
    1. Deposits made by the following institutions:

      • Credit institutions;
      • Securities brokers and broker-dealers;
      • Insurance undertakings;
      • Investment companies;
      • Management companies of collective investment undertakings, as well as management companies of pension funds, securitisation funds and venture capital funds and the deposits of the entities they manage;
      • Portfolio management companies and financial advisory firms;
      • Venture capital companies and their management companies.
      • Any other financial institution as defined in Article 4(1)(26) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013.
    2. The institution’s own funds as defined in Article 4(1)(118) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013, irrespective of the amount by which they qualify as such.
    3. Debt securities issued by the credit institution, including commercial paper and tradable instruments.
    4. Deposits the holder of which has not been identified, in accordance with Spanish Law 10/2010 of 28 April, on the anti-money laundering and counter terrorism financing, or which arise from transactions that have been the subject of a criminal conviction for money laundering.
    5. Deposits held by the institution by public authorities, with the exception of those held by local authorities with an annual budget equal of up to €500,000.
  3. Likewise, the obligation to repay the amounts covered shall not include those deposits set up:
    1. in breach of applicable law and regulations, in particular deposits arising from transactions in connection with which there has been a criminal conviction for money laundering;
    2. by customers who have personally obtained financial conditions that have worsened the institution’s position, provided that this circumstance has been confirmed by a final judgment;
    3. by persons acting on behalf of any of the depositors excluded under the terms of the preceding section and this section, or acting in concert with those persons mentioned in paragraphs a) and b) above.
  4. Notwithstanding the time limits provided for in Article 9(1) of Royal Decree 2606/1996, should the Management Committee decide that circumstances exist demonstrating, or suggestive of, any relationship or connection between a depositor and the causes giving rise to the obligation to indemnify, payment of the corresponding compensation may be suspended until such time as the non-existence of any such relationship or participation is judicially confirmed, at the request of a party. Schemes will have the same powers when a depositor or any other party with entitlement to or interest in a deposit has been indicted or convicted for crimes relating to money laundering, should the summary procedure governed by Book IV, Title III of Spain’s Law on Criminal Procedure have commenced and until such procedure ends.

Covered cash deposits


Grounds for enforcement of the guarantee and beneficiaries


Payment of covered amounts


Deposits that exceed the upper limit of the guarantee

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