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 31/12/2019
| Available resources at 31/12/2019 €4.712 billion |
Member institutions 465 members |
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Deposit 339 members |
304 members |
Performance Bonds Guarantee Scheme members 286 members |
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Investor compensation scheme |
Performance bonds guarantee scheme |
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465 FGDR member institutions
FGDR member institutions
At 31 December 2019, 465 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 31/12/2019 | ||
|---|---|---|
| TOTAL: 465 institutions (an institution can be a member of several guarantee mechanisms) |
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| NUMBER OF MEMBERS PER GUARANTEE MECHANISM | ||
| 339 Members of the Deposit Guarantee Scheme | ||
| 304 Members of the Investor Compensation Scheme | ||
| 286 Members of the Performance Bonds Guarantee Scheme | ||
| 84 Members of the National Resolution Fund (NRF) | ||
Available resources: over €4.7 billion
The amount of resources available to the FGDR increases on a regular basis.
At 31/12/2019, the FGDR’s own funds stood at €4.7 billion, of which €4.5 billion were intended for the deposit guarantee mechanism. These resources are readily available at all times.
The FGDR's available ressources at 31/12/2019
| Guarantee mechanism | Available ressources (€M) |
|---|---|
| Deposit Guarantee | 4,482 |
| Investor Compensation | 156 |
| Performance Bonds Guarantee | 39 |
| National Resolution Fund (NRF) | 35 |
| Total | 4,712 |
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 2019
The net contributions collected in 2019 by the FGDR for its own account totalled €442,8 million, including :
- €431 million for the deposit guarantee scheme; and
- €11.8 million for the investor compensation and performance bonds guarantee schemes and the national resolution mechanism.
| AMOUNT OF CONTRIBUTIONS COLLECTED BY GUARANTEE MECHANISM AT 31/12/2019 | |
|---|---|
| Guarantee Mechanism | Contributions collected in 2019 (€M) |
| Deposit Guarantee | €431 million |
| Investor Compensation | €1.4 million |
| Performance Bonds Guarantee | €0.6 million |
| National Resolution Fund (NRF) | €9.8 million |
| Total Contributions 2019 | €442,8 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 |
|---|---|---|---|---|---|---|
| Deposit guarantee scheme | 2,958 | 3,157 | 3,382 | 3,649 | 4,050 | 4,482 |
| Investor compensation scheme | 135 | 148 | 152 | 153 | 154 | 156 |
| Performance bonds guarantee scheme | 37 | 38 | 38 | 38 | 38 | 39 |
| National Resolution Fund | 11 | 14 | 17 | 26 | 35 | |
| Total Own Funds | 3,130 | 3,354 | 3,586 | 3,857 | 4,268 | 4,712 |
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 2019 the FGDR also collected €1.45 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 2018, 414 credit institutions licensed in France and Monaco, 175 financing companies and 146 investment firms were authorised in France (Source ACPR – 2018 The French banking and insurance market in figures, page 29).
In 2018, the total amount of deposits was €2,817 billion (ACPR – 2018 The French banking and insurance market in figures, page 5), broken down as follows:
- current accounts in credit (current accounts): €1,106 billion;
- savings with French government guarantee: €991 billion (including Plan d’Epargne Logement (PEL) home savings plans, Compte d'Epargne Logement (CEL) home savings plans, Livret type “A” and “LDDS” savings accounts);
- term accounts: €441 billion.
Banking sector activity in France
Some figures provided by the Fédération Bancaire Française (October 2018):
- 99% of French people have a bank account (Observatoire de la microfinance);
- 5 French banks rank among the top 10 in Europe;
- there are 340 banks, 36,519 branches (source ECB 2018) and 54,786 ATMs across the country (source GIE CB - 2018);
- 75 million payment cards are in circulation in France (source ECB 2018);
- employment: 362,800 employees (Fédération Bancaire Française scope) with 98% under permanent contract, i.e. 1.9% of private employment in France (FBF-2018).