All Spanish credit institutions are required to join the FGD.
However, this obligation does not apply to the Instituto de Crédito Oficial, a state-owned lending institution.
Banco de España must promptly notify the European Banking Authority when a credit institution joins the FGD.
Branches of credit institutions from non-EU Member States operating in Spain must join the FGD if required to do so, in accordance with applicable law and regulations, and following proper procedure. However, this obligation may be waived when such institutions offer a level of protection to depositors equal to or higher than that provided for in Royal Decree-Law 16/2011 and its implementing regulations.