The FGDR manages three types of guarantees
The Fonds de Garantie des Dépôts et de Résolution (FGDR) manages the following three guarantee schemes:
- The deposit guarantee sheme covers all amounts deposited in current accounts, savings passbook accounts, savings passbook accounts and plans (Compte Epargne Logement (CEL) savings account, Plan d’Epargne Logement (PEL) savings plan, Plan d’Epargne Populaire (PEP) savings plan, etc.), 'Livret Jeune' savings accounts, cash accounts associated with a securities account or an equity savings scheme (PEA) and bank cheques not cashed, regardless of the currency in which the accounts are denominated, up to €100,000 per customer, per institution.
Moreover, all sums deposited in savings accounts guaranteed by the French government (Livret type 'A' savings account and Livret Bleu savings account, Livret Développement Durable et Solidaire (LDDS) savings account and Livret d’Epargne Populaire (LEP) savings account) are covered, up to €100,000 per customer, per institution.
- The investor compensation sheme, which covers securities and other financial instruments entrusted to a financial intermediary, such as stocks, bonds, units of an open-end investment company or mutual fund, in an equity scheme (PEA) or other securities account, in a company savings scheme (PEE) or collective pension savings scheme (PERCO) held at an FGDR member institution, certificates of deposits or negotiable debt instruments.
- The performance bonds guarantee scheme which covers commitments made by a credit institution on behalf of business professionals who are required by law to provide a guarantee to their customers for the funds entrusted to them.
The new European rules resulting from Directive 2014/49/EU of 16 April 2014 on deposit guarantee schemes, "DGSD2", and Directive 2014/59/EU of 15 May 2014, "BRRD", establishing a framework for the recovery and resolution of credit institutions and investment firms were transposed into French law with the publication of Order 2015-1024 of 20 August 2015 containing various provisions for adapting legislation to European financial law. The measures of the BRRD directive aim to prevent the occurrence of bank crises and, where applicable, to effectively manage such crises so as to limit their impact on the banking and financial sector and on the economy in general.
The rules relating to the deposit guarantee scheme and the operation of the FGDR were laid down in five implementing decrees signed on 27 October 2015. These decrees describe the new measures relating to notification of depositors covered by the deposit guarantee scheme, implementation of the deposit guarantee scheme, the reduction in the compensation period from 20 to 7 working days and the rules for the application of Article L-312-4-1 of the French Monetary and Financial Code (rights of depositors, products covered, compensation procedure, relationship between the failed institution and the FGDR).
→ The official texts can be downloaded on this website in the Document Database section : Official Texts, "Legal and Regulatory Texts" tab.