History of the FGDR

History of the FGDR

A history tied to the development of the banking system and regulatory requirements

Created by the law of 25 June 1999 relating to savings and financial security under the name FGD, the FGDR is a new organisation built around changes in French, European and international regulations in response to changes in banking and financial activities. 

Key dates are shown in the following timeline.


History of the FGDR
Directive 94/19/EC of 30 May 1994 establishing the deposit guarantee schemes. 1994  
EU Directive 97/9/EC of 3 March 1997 on investor compensation, establishing the investor compensation scheme. 1997  
French Act 99-532 of 25 June 1999 on savings and financial security, establishing the deposit guarantee and performance bonds guarantee schemes and creating the FGD. 1999 Creation of the Fonds de Garantie des Dépôts (FGD) by the law of 25 June 1999.
  1999 Preventative intervention in favour of the customers of Crédit Martiniquais (deposit guarantee scheme).
  2000 Intervention in favour of the customers of Mutua-Equipement (performance bonds guarantee).
EU Directive 2009/14/EC of 11 March 2009 amending Directive 94/19/EC relating to the FGD's payment amount (€100,000) and payment period (20 working days). 2009  
Decree of 29 September 2010 transposing Directive 2009/14/EC of 11 March 2009 into French law regarding the FGD's payment period and payment amount. 2010 Intervention in favour of the customers of EGP (investor compensation scheme).
Law 2013-672 of 26 July 2013 on the separation and regulation of banking activities. 2013 The FGD becomes the Fonds de Garantie des Dépôts et de Résolution (FGDR)
  2013 Preventative intervention in favour of the customers of DUBUS SA (investor compensation scheme).
Directive 2014/49/EU of 16 April 2014 on deposit guarantee schemes. 2014  
Directive 2014/59/EU of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms. 2014  
Decree of 13 March 2014 amending Regulation 99-05 of 9 July 1999 on the deposit guarantee or other repayable funds received by credit institutions whose head office is located in France or the Principality of Monaco. 2014  
Single Resolution Mechanism (SRM) regulation adopted by the European Parliament on 15 April 2014 and related intergovernmental treaty.  2014 Creation in the euro zone of the Single Resolution Board (SRB), responsible for resolution decisions, and creation of a Single Resolution Fund (SRF).
Order 2015-1024 of 20 August 2015 containing various provisions for adapting legislation to European Union financial law. 2015 Codification in the Monetary and Financial Code of the provisions resulting from the DGSD2 directive (scope and limits of the guarantee, temporary extraordinary deposits, governance of the FGDR) and codification of the BRRD provisions.
Decrees of 27 October 2015:

1/ decree relating to the implementation of the deposit guarantee scheme, the coverage level and the rules for the application of Article L.312-4-1 of the Monetary and Financial Code;
2/ decree relating to the notification of depositors regarding the deposit guarantee scheme;
3/ decree implementing para. 4 of Article L. 312-16 of the Monetary and Financial Code;
4/ decree relating to the financial resources of the Fonds de Garantie des Dépôts et de Résolution;
5/ decree relating to savings accounts guaranteed by the French government


2015 1/ Implementation of the new Deposit Guarantee Scheme measures (scope of the guarantee, coverage levels, compensation procedure). 

2/ Establishment of measures for notifying depositors

3/ ACPR opinion procedure on the Supervisory Board's decisions regarding contributions

4/ Measures regarding call for contributions procedures at the FGDR

5/ Measures establishing the FGDR as the French government's operator for the French government guarantee. 

European Cooperation Agreement for Cross-Border Compensation within the 31 countries of the European Economic Area 2016 Joint adoption within the EFDI on 15 September 2016 of a Home/Host Cooperation Agreement among the deposit guarantee schemes aimed at optimising their cooperation in case of compensation of customers of branches located in another country of the European Union.
Ministerial decree of 28 April 2017 for approval of the FGDR’s Internal Regulations 2017 The internal regulations adopted by FGDR's Supervisory Board on 29 March 2017 is approved. 
Decree amending the decree of 27 October 2015 on the definition of sums eligible for the deposit guarantee scheme relating to factoring transactions 2019 Coverage under the deposit guarantee scheme is implemented by the entire factoring profession.