View the definition of technical terms
Difference between the sum of the debit and credit transactions on an account from the time it was opened. The account has a credit (positive) balance when the total credits exceed the total debits, and a debit (negative) balance otherwise.
Accounts of an individual business owner with the status of EURL or EIRL
A limited liability individual business owner (EIRL) and a one-person limited liability company (EURL) are treated as full holders, separate from the business. In this case, the business owner's business accounts and personal accounts are covered separately by the deposit guarantee scheme up to €100,000. If there is no EURL or EIRL, the personal and business accounts are added together.
Source : FGDR
Accounts subject to attachment or garnishment
Prior to calculating the compensation, the accounts are debited for the amount of the attachments or garnishment. The FGDR compensates the depositor for the portion of their accounts that is available after this operation. Then, where applicable, the FGDR compensates the creditor in the amount of its claim up to the difference between €100,000 and the compensation already paid to the depositor.
Source : FGDR
Accounts with “beneficiaries, business accounts with a special status, ring-fenced accounts, omnibus accounts
These accounts are opened by a professional in its name in order to deposit funds belonging to other individuals who are the beneficiaries, for example an account opened by a property management company for the management of co-owned buildings, a lawyer's CARPA account or a ring-fenced account opened by an investment firm for its clients’ cash funds. The beneficiaries are the recipients of the compensation, separately from the compensation for which they may also be eligible as direct customers, and provided they have been identified or can be identified on the failure date. The FGDR calculates the compensation accruing to each beneficiary based on the information provided to it by the institution. It pays the full compensation to the account holder (or to the beneficiaries for an omnibus account), and the holder is responsible for distributing it among the beneficiaries. The beneficiaries are covered up to the €100,000 ceiling, and also have the right to additional compensation for Temporary High Balances.
Source : FGDR
ACPR - Prudential Supervision and Resolution Authority
Source : ACPR
Actual cash value
Price the owner would have received if he had sold the asset on the date of the loss. The actual cash value of an asset is the price paid under normal market conditions.
AFB - French Banking Association
The AFB acts as an employers' association, pursuant to the collective agreement of the banking industry of January 2000, for commercial banks. It represents employers in the dialogue between management and labour and in negotiations with trade unions (collective agreement, salaries, employment, professional training, etc.). As a founding legal entity, the AFB is a member of the new French Banking Federation (FBF). Its role is to liaise among the various categories of banks and gather their opinions in order to prepare the decisions of the FBF's Executive Committee in the banking and financial fields.
Source : AFB
Compilation, as of the
Source : FGDR
Accounting date on which the Aggregation of the customers’ bank accounts occurs. It is the date on which the ACPR determines that the credit institution is no longer able to return, immediately or in the near future, the funds that it received from the public under the legislative, regulatory or contractual conditions applicable to their return (Day “D”).
Source : FGDR
Aggregation that covers the entire licensed legal entity affiliated with the FGDR. It is done:
1/ For the “legal entity”, i.e. the credit institution (legal entity) that is declared to have failed. The legal entity itself consolidates the data of its branches (in the legal sense of the term, entity without an independent legal status);
2/ At the level of each licensed credit institution, and in particular each Caisse d’Epargne and each Banque Populaire for the BPCE Group and each Caisse Régionale of the Crédit Agricole Mutuel Group for the Crédit Agricole Group, since the licence is issued at this level;
3/ At the level of each individually licensed credit institution and at the level of the entity that has the collective licence for the Caisses Fédérales for the Crédit Mutuel network (bank code). For each of these entities, Aggregation of the customers’ data must include all the banks that benefit from the entity's collective licence;
4/ For the French branches of institutions whose head office is located outside the EEA, when these branches are direct members of the FGDR.
Source : FGDR
AMC - Asset management company
Under Article L. 532-9 of the French Monetary and Financial Code, an asset management company is an investment firm which primarily manages individual or collective portfolios of financial instruments on behalf of clients.
This management can be provided for:
- Undertakings for Collective Investment in Transferable Securities (UCITS), i.e. Open-End Investment Companies (SICAV) and Mutual Funds (FCP);
- private or institutional clients.
This activity requires authorisation from the Financial Markets Authority (AMF ) and the drafting of a written mandate. To issue this authorisation, the AMF checks various criteria related to the company’s form, capital and the quality of its management.
AMF - Financial Markets Authority
Created by lawmakers in 2003, the Financial Markets Authority (AMF ) regulates participants and products in France's financial markets. It regulates, authorises, monitors and, where necessary, conducts investigations and issues sanctions. In addition, it ensures that investors receive material information and provides a mediation service to assist them in disputes.
Source : AMF
Source : FBF
ASF - French Association of Finance Companies
Association created to represent finance companies and specialised banks vis-à-vis the supervisory authorities and the various consultative bodies. The French Association of Finance Companies (ASF) defends specialised activities in the field of credit, financial services and investment services. It has 290 members - finance companies, specialised banks and investment firms. The services offered by the ASF include legal and economic information, consultation among members and professional activities with national and European authorities.
Source : ASF