Financing and management of the FGDR

Financing and management of the FGDR

A guarantee scheme fully financed by its members

The Fonds de Garantie des Dépôts et de Résolution is financed solely by its members. The payment of contributions is a prerequisite for conducting their business in France.


The amount of resources available to the FGDR (Total Equity) is a result of the contributions made over time by all its members.





As of 31 December 2018, the amount of the FGDR equity was €4,269 billion, broken down as follows:


Deposit guarantee: €4,050 million


- Investor compensation: €154 million


- Performance bonds guarantee: €38 million


- National Resolution Fund : €26 million 


Source: Annual report 2018 - Financial statements for the period.

The FGDR’s resources

Article L.312-7 of the French Monetary and Financial Code and the decree of 27 October 2015 on the FGDR financial resources and amended by the decree of 13 April 2017, define the terms and conditions concerning the FGDR resources.


The FGDR is fully and exclusively financed by its 472 members (figure as at 31 December 2018), which represent approximately about €1,050 billion deposited in ordinary accounts and €991 billion in savings accounts with French government guarantee (Livret type ‘A’, Livret type ‘LDDS’ and Livret type ‘LEP’ savings accounts).

The payment of contributions to the FGDR is a prerequisite for conducting their business in France. Contributions are paid in the form of dues, members' certificates or certificates of membership. The amount of resources available to the FGDR is reassessed on a regular basis. The FGDR had a total of €4,269 billion in equity at the end of 2018.

In addition to its immediate resources, the FGDR has the ability to collect additional special contributions from its members. It may also borrow money.

These options ensure that the FGDR has ample resources to pay compensation, take preventive measures, finance asset transfers or grant guarantees to bring about the resolution of a banking crisis.

These additional and cumulative funding mechanisms allow it to guarantee the customers of all active institutions in France.


In accordance with the European directive of 2014 on deposit guarantee schemes ("DGSD2"), the level of the FGDR's available resources is set to increase up to an amount of at least 0.5% of the covered deposits. Therefore, the FGDR's total resources are expected to be close to €5 billion by around 2024.


The FGDR, assisted by a cash management committee, invests its funds in money markets, bonds and stocks based on stringent liquidity and risk criteria.


For more information, refer to the FGDR’s annual report.


Annual contributions to the Fonds de Garantie des Dépôts et de Résolution

Each year the institutions pay a contribution based on the amount of their customers' deposits covered by the guarantee, weighted by various factors that take into account each institution's specific risks.


The FGDR's Supervisory Board, at the recommendation of the Executive Board, sets the rate or amount of contributions levied from members as well as their allocation based on their nature. The Supervisory Board's proceedings are subject to an opinion procedure by the ACPR which, in any case, has previously issued a decision on the contribution calculation method.


Special contributions to the FGDR

Special contributions may be collected in two cases:

  • from a new member, such that this member increases the FGDR's intervention capacity in proportion to its share of risk in relation to the contributions already paid by the older members;
  • from all the members in order to replenish the resources after an intervention or to increase the size of the fund.


Increasing equity

For 2018:

- the net amount of annual contributions levied for the deposit guarantee scheme was €401 million;

- the net amount of annual contributions levied for the investor compensation scheme was €0;

- the net amount of annual contributions levied for the performance bonds guarantee scheme was €0;

- the call for contributions for the National Resolution Fund was €9 million.


At 31 December 2018, the FGDR's equity totalled €4,269 million, broken down as follows:

- €4,050 million for the Deposit Guarantee scheme;

- €154 million for the Investor Compensation scheme;

- €38 million for the Performance Bonds Guarantee scheme;

- €26 million for the National Resolution Fund.


In 2018, €2,293 million was collected for the Single Resolution Fund (SRF).