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Format imprimable
Recovering losses incurred by the Fonds de
Garantie des Dépôts (Deposit Guarantee Fund)
The Fonds de Garantie des Dépôts has two alternative
courses of action for recovering losses incurred:
-
Subrogated proceedings by which
the rights and claims of a depositor, up to the value of the
compensation paid, towards a defaulting institution are transferred to
the Fonds de Garantie des Dépôts. This alternative is only possible
following an instance of a bank in default.
-
Action for damages taken against
the legal directors or shadow directors, with a view to recovering the
amounts that the Fonds de Garantie des Dépôts has paid as part of an
engagement for a bank in default or a preventive engagement. This
action is designed to penalise the faults that have led to the
engagement of the Fonds de Garantie des Dépôts, management errors
caused by non-compliance with rules governing banking
activities.
These
two courses of action can be taken simultaneously: subrogated action
against the defaulting institution and an action for damages against the
directors, individuals, company officers or legal entities and generally,
the main shareholders.
The
following are the main features:
1.
Subrogated action
According to article L
312-6 of the Code monétaire et financier (French monetary and
financial code), "the Fonds de Garantie des Dépôts assumes the rights
of the beneficiaries up to the value of the amounts paid."
This
legally constituted transfer is designed to enable the Fonds de Garantie
des Dépôts to recover all or part of the amounts paid to depositors as
part of collective proceedings taken against the institution since its
default.
It
should be noted that both depositors and the Fonds de Garantie des Dépôts
are exempt from the declaration stated in article L 621-43 of the French
Commercial Code in respect of debts falling within the scope of
engagement of the Fonds de Garantie des Dépôts.
2.
Action for damages
According to article L
312-6, the Fonds de Garantie des Dépôts is entitled to
"undertake any legal action for damages against legal directors or
shadow directors of institutions for which it is engaged for purposes of
recovering all or part of the payments it has made".".
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