The FGDR's financial year runs from January to December. Its key figures at 31 December of each year are published annually after the financial statements have been approved in late March-early April of the following year. The annual report is finalised then published before 30 June.
The FGDR's figures and resources
Facts & figures at 31/12/2020
| Available resources at 31/12/2020 €5.32 billion |
Member institutions 453 members |
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Deposit 337 members |
294 members |
Performance Bonds Guarantee Scheme members 282 members |
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Investor compensation scheme |
Performance bonds guarantee scheme |
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453 FGDR member institutions
FGDR member institutions
At 31 December 2020, 453 banks and financial institutions operating in France were members of the FGDR and were required to contribute to it under at least one of the three guarantee schemes or under the national resolution mechanism.
| FGDR member institutions at 31/12/2020 | ||
|---|---|---|
| TOTAL: 453 institutions (an institution can be a member of several guarantee mechanisms) |
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| NUMBER OF MEMBERS PER GUARANTEE MECHANISM | ||
| 337 |
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| 294 |
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| 282 Members of the Performance Bonds Guarantee Scheme | ||
| 92 Members of the National Resolution Fund (NRF) | ||
Available resources: over €5.32 billion
The amount of resources available to the FGDR increases on a regular basis.
At 31/12/2020, the FGDR’s own funds stood at €5.32 billion, of which €5 billion were intended for the deposit guarantee mechanism. These resources are readily available at all times.
The FGDR's available ressources at 31/12/2020
| Available ressources (€M) |
|
|---|---|
| 5,083 | |
| 159 | |
| Performance Bonds Guarantee | 39 |
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National Resolution Fund (NRF) (SRF: -2) |
47 |
| Total | 5,326 |
Resources proportionate to intervention risk
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The FGDR’s resources are proportionate to the actual intervention risk. They correspond to the risk of having to conduct a compensation process with so-called “non-systemic” small- or medium-sized banks.
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Furthermore, the FGDR has a revolving line of credit of €1.4 billion for the deposit guarantee scheme. With this credit line, the FGDR has available resources of nearly €6 billion, i.e. 0.5% of bank deposits covered in France. This amount is within the targets for 2024 that the European regulations have set with regard to deposit guarantee schemes' resources.
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In addition to its immediate resources, the FGDR has the ability to collect additional special contributions from its members.
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In the event of risk involving a leading institution, the European Single Resolution Mechanism (SRM) with the Single Resolution Fund (SRF) would take action first. The SRF, which must reach at least 1% of the amount of the covered deposits of all credit institutions licensed in all participating Member States, is expected to have €55 billion by 2023.
The FGDR has ample, additional and cumulative resources to pay compensation, carry out a preventative intervention, finance asset transfers or grant guarantees to ensure the resolution of a banking crisis. These resources allow it to guarantee the customers of all institutions operating in France.
Contributions collected in 2020
The net contributions collected in 2020 by the FGDR for its own account totalled €624,20 million, including operating expenses and contributions resultng form transfers between European guarantee schemes.
For France, 2020 contribution by mechanism were as follows:
- €602 million for the deposit guarantee, investor compensation and performance schemes; and
- €10 million for the National Resolution Mechanism.
| AMOUNT OF CONTRIBUTIONS COLLECTED BY GUARANTEE MECHANISM AT 31/12/2020 | |
|---|---|
| Guarantee Mechanism | Contributions collected in 2020 (€M) |
| Deposit Guarantee | € 602 million |
| Investor Compensation | 0 |
| Performance Bonds Guarantee | 0 |
| National Resolution Fund (NRF) | €10 million |
| Total Contributions 2020 | €612 million |
Increase in own funds each year
- The FGDR's own funds increase in proportion to the amount of deposits and savings of the French people.
- Following the collection of the 2019 contributions, the FGDR’s own funds for all mechanisms totalled €4.712 billion at 31/12/2019.
| FGDR's Own Funds € million |
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|---|---|
| Deposit guarantee scheme | 2,958 | 3,157 | 3,382 | 3,649 | 4,050 | 4,482 | 5,083 |
| Investor compensation scheme | 135 | 148 | 152 | 153 | 154 | 156 | 159 |
| Performance bonds guarantee scheme | 37 | 38 | 38 | 38 | 38 | 39 | 39 |
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National Resolution Fund (47-2 SFR) |
11 | 14 | 17 | 26 | 35 | 45 | |
| Total Own Funds | 3,130 | 3,354 | 3,586 | 3,857 | 4,268 | 4,712 | 5,326 |
Other resources
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To supplement its available resources for the deposit guarantee scheme, in January 2018 the FGDR took out a one-year stand-by line of credit, which can be renewed twice, in the amount of €1.4 billion. At the end of 2019, the due date of the line of credit was extended until January 2021.
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As provided in the French Monetary and Financial Code, in 2020 the FGDR also collected €0.5 million in monetary penalties imposed on investment services providers by the AMF . These penalties mainly supplement the FGDR’s own funds for the investor compensation scheme.
National Resolution Fund (NRF)
- The FGDR collects resources for the National Resolution Fund (NRF). For all institutions, the NRF is expected to have resources of over €60 million by 2024.
Single Resolution Fund (SRF)
- The FGDR is also responsible for collecting contributions on behalf of the Single Resolution Fund (SRF) and transferring them to that fund after receipt.
The Single Resolution Fund, which is managed by the Single Resolution Board in the euro zone, is used to finance the resolution of institutions that are “significant” under the European “SRU” regulation.
In accordance with European legislation, the target amounts to be met by both funds by 2024 are at least 1% of the covered deposits of all member institutions.
Figures for the banking sector in France
Number of institutions and deposits
At 31 December 2019, the banking sector, including branches in the European Economic Area (EEA), comprised 424 cerdit instutions, 163 financing companies, 152 investment firms, 63 payment institutions, 21 electronic money institutions and four account information services providers (ACPR -2019 The French banking and insurance market in figures, page 8).
In 2019, the total amount of deposits collected by credit and similar institutions from non-financial customers rose from €2.710 billion to €2.892 billion, up 6,7% between 2018 and 2019 (ACPR-2019 The French banking and insurance market in figures, page 5).
In terms of deposits :
- the outstanding amount of Livret type "A" savings account was €324.3 billion (Caisse des dépôts Septembre 2020-FBF);
- the outstanding amount of "LDDS" savings accunt was €119.3 billion (Caisse es dépôts Septembre 2020-FBF).
Banking sector activity in France
Some figures regardinfg French people and banking sector :
- 99% of French people have a bank account (Observatoire de la microfinance);
- 9 million contractless payments per day (GIE-20219);
Some figures regarding banks and banking sector :
- 5 French banks rank among the top 10 banks in Europe (FBF 2020);
- 340 banks and 35,837 branches (source ACPR/ECB 2019);
- 50,316 ATMs in France (Banque de France 2019);
- banks make a 2.4% contribution to total added value in France (INSEE-FBF);
- 1.8% of private employment with 360,00 employees (FBF-2019).