General information > What’s the Deposit Guarantee Fund (Fondo de Garantía de Depósitos)? > Financial means of the FGD

Financial means of the FGD

In this section we explain how the FGD is funded.

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Frequently asked questions (FAQs)

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For the fulfilment of its role the FGD shall raise funds in the form of:

  1. The annual contributions provided for in the rules and regulations governing the FGD.
  2. The extraordinary contributions to the FGD from member institutions, distributed according to the basis of calculation of the ordinary contribution and subject to regulatory limits. These extraordinary contributions are recognised in equity once they are agreed.
  3. Funds raised in the securities market or the loan market or by means of any other borrowing transaction.

If the assets of the FGD are insufficient for it to achieve its purposes, the FGD shall take steps as required to reinstate a sufficiency of assets.

Moreover, the deposits guarantee compartment may be funded by adhered institutions’ payment commitments to the FGD, provided that such commitments:

  1. Are fully secured on low-risk, unencumbered assets that the FGD may freely dispose of.
  2. Do not exceed 30% of total financial means available to the guarantee compartment.

All funds raised under the terms of the preceding paragraphs will be allocated to one of the following compartments subject to separate accounting and into which the FGD will be divided:

  1. Deposit guarantee compartment
  2. Securities guarantee compartment

Each compartment will be exclusively liable for all costs, expenses and obligations expressly attributed to it by applicable law and regulations. The FGD must allocate to each compartment the obligations derived from raising the necessary funds on the securities markets, or through loans or other debt arrangements, having regard to the intended use of the funds raised.

Moreover, the contribution to be made by each compartment to the costs, expenses and other obligations not explicitly attributed to any particular compartment will be calculated on the basis of the amount of the deposits or securities covered by each compartment, in accordance with applicable law and regulations.

The Management Committee shall determine the amount of the annual contributions to be made by the member institutions to the deposit guarantee compartment.

The annual contribution for each institution is calculated on the basis of its covered deposits and its risk profile.




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FGD membership

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