Payment of covered amounts

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.

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.