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 2016, the amount of the FGDR equity was €3.588 billion, broken down as follows:


Deposit guarantee: €3.382 million


- Investor compensation: €153 million


- Guarantee of performance bonds: €38 million


- National Resolution Fund : €15 million 


Source: Annual report 2016 - 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 FGDR resources.


The FGDR totally and exclusively financed by its 530 members (figure as at 31 December 2016) representing about €1,000 billion deposited in ordinary accounts and €950 billion in savings accounts (Livret A, LDDS, LEP, PEL, CEL, and others)

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 total FGDR balance sheet went from €2,713 billion in 2013 to €3,588 billion at the end of 2016.


In addition its to 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 new 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.


The FGDR’s annual contributions

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.


FGDR's Supervisory Board, at the recommendation of the Board of Directors, 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

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 2016:

  • the annual contribution levied for the deposits guarantee scheme was set at €235 million;

  • the ordinary annual contribution levied for the investor compensation scheme was €2.4 million;

  • the annual contribution for the performance bonds guarantee scheme was set at €3.4 million;
  • the call for contributions for the Fonds de Résolution National was €3.4 million.



The amount of the FGDR's equity was €3,588 million. as at 31 December 2016 broken down into:

  • €3,382 million reserved for the Deposit Guarantee scheme;
  • €153 million reserved for the Investor Compensation scheme;
  • €38 million for the Guarantee of Performance Bonds scheme;
  • €15 million for the Fonds de Résolution National.