Press Releases

Press Releases

 

This section presents the press releases published by the FGDR and the main current events.

PRESS RELEASE - 12 November 2019

 

The FGDR unveils the annual results of its deposit guarantee scheme name recognition and knowledge poll

 

For the fourth straight year, the Fonds de Garantie des Dépôts et de Résolution (FGDR) has surveyed the French people about the deposit guarantee scheme and the FGDR. This poll, conducted by the Harris Interactive market research firm, analyses changes in the FGDR's name recognition and knowledge of the deposit guarantee schemes and products covered.

 

 

HALF OF ALL FRENCH PEOPLE NOW KNOW ABOUT THE DEPOSIT GUARANTEE SCHEME

 

General knowledge among French people of bank deposit protection is relatively stable, with one of every two people in France now aware of the deposit guarantee scheme. Customers of online banks say they are better informed (72% know about the deposit guarantee scheme).

 

  • However, most of those surveyed are still unclear about the details of the scheme. One-fourth of French people (25%) are able to give the maximum compensation amount of €100,000 per person, per bank (+3 points compared with 2018).
  • Only 8% of French people are fully aware of the compensation period in case of a bank failure, which is 7 working days.
  • 65% of French people are aware of the guarantee for savings accounts (+5 points) and 62% know that their current accounts are covered.

 

 

THE FGDR'S NAME RECOGNITION IS STABLE AMONG THE GENERAL PUBLIC

 

  • The FGDR's name recognition remains stable among the general public: 42% of French people identify it spontaneously as the entity responsible for protecting and paying compensation for deposits if a bank fails and, more generally, 46% of French people have heard of it, even though 37% are still not quite sure what its role is.
  • French people who say they are aware of the FGDR are more likely to believe that their money would be protected if their bank failed (63% versus 50%), thereby demonstrating the FGDR's ability to provide reassurance.

 

 

TRUST IN THE FRENCH BANKING SYSTEM CONTINUES TO GROW

 

  • 65% of French people say they are confident when they deposit their money at a bank and 50% say they are confident that they will not lose all their money in the event that their bank fails (a significant increase of 6 points compared with 2018).
  • 46% of French people believe that their money would be protected if their bank were to fail (+7 points compared with 2018).

 

 

"This poll shows us that awareness of the deposit guarantee scheme and the FGDR is increasing. Our mission is to maintain French people’s trust in the banking system, and the progress made is a source of satisfaction for our teams. These results are also an incentive to step up our educational efforts, particularly as regards the maximum amount of €100,000 per customer, per institution and the 7 working day compensation period,” says Thierry Dissaux, Chairman of the FGDR Board.

 

The poll was conducted online by Harris Interactive based on a representative sample of 1,000 French people aged 18 and over between 24 and 26 April 2019.

 

This name recognition poll will be conducted again in 2020, which reflects the FGDR's determination to make French people more aware that their bank deposits are protected and, in doing so, build confidence in the banking and financial system and ensure its stability.

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR)

The mission of the FGDR is to protect and compensate customers in the event that their bank or investment services provider fails. Created by the law of 25 June 1999 on savings and financial security, it intervenes at the request of the supervisory authorities of the banking and financial sector either before a banking crisis, through a preventative intervention or "resolution", or by providing compensation when a bank fails. It covers 472 member institutions and manages three mechanisms: the deposit guarantee scheme, the investor compensation scheme and the performance bonds guarantee scheme.

 

A banking crisis operator in support of responsible finance, the FGDR plays a key role in ensuring the stability of the French banking system.

CONTACT : 

Charley Bubois – Cabinet CLAI  
fgdr@clai2.com
T +33 (0) 1 44 69 54 00 / Mobile : + 33 (0) 7 78 41 39 74

Website FGDR: www.garantiedesdepots.fr

 

 

→ To download the PDF of this press release, click here.

 

 

 

PRESS RELEASE - 8 October 2019

 

Michel Cadelano is appointed member of the Board of the Fonds de Garantie des Dépôts et de Résolution (FGDR)

 

Michel Cadelano joins the Fonds de Garantie des Dépôts et de Résolution as a member of the Board on 1 October 2019, alongside Chairman Thierry Dissaux.

 

Michel Cadelano has spent his entire career in the French banking sector. Formerly Inspecteur Général at Bpifrance, he was the main point of contact of the Prudential Supervision and Resolution Authority (ACPR) and the Single Supervisory Mechanism of the European Central Bank (ECB).

Prior to that, Michel Cadelano was Head of Internal Audit for Western Europe at Société Générale. He was also part of the Inspection Générale department at BNP Paribas, where he supported the IT deployment of the new cash management strategy for the bank's customers.

Earlier in his career, Michel Cadelano was responsible for the information system for e-banking and cash management activities.

Michel Cadelano said: "I am delighted to join the team at FGDR, a banking crisis operator at the service of responsible finance. I am pleased to be able to bring my experience in the regulatory issues and technological challenges of the banking sector."

Thierry Dissaux, Chairman of the FGDR Board, welcomed his arrival: “We are very pleased to welcome Michel Cadelano to our Board. His solid knowledge of the banking sector and governance and risk management issues will be invaluable to us as we pursue our mission. "

Internationally, Thierry Dissaux represents the FGDR at the European Forum of Deposit Insurers (EFDI), where he was unanimously re-elected as Chairman for a second consecutive term on 26 September of this year. Michel Cadelano is a member of the Executive Committee of the International Association of Deposit Insurers (IADI).

 

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR)

The mission of the FGDR is to protect and compensate customers in the event that their bank or investment services provider fails. Created by the law of 25 June 1999 on savings and financial security, it intervenes at the request of the supervisory authorities of the banking and financial sector either before a banking crisis, through a preventative intervention or "resolution", or by providing compensation when a bank fails. It covers 472 member institutions and manages three mechanisms: the deposit guarantee scheme, the investor compensation scheme and the performance bonds guarantee scheme.

 

A banking crisis operator in support of responsible finance, the FGDR plays a key role in ensuring the stability of the French banking system.

CONTACT : 

Charley Bubois – Cabinet CLAI  
fgdr@clai2.com
T +33 (0) 1 44 69 54 00 / Mobile : + 33 (0) 7 78 41 39 74

Website FGDR: www.garantiedesdepots.fr

 

 

→ To download the PDF of this press release, click here.

 

 

 

PRESS RELEASE - 8 January 2019

 

The FGDR unveils the annual results of its deposit guarantee scheme name recognition and knowledge poll

 

For the third straight year, the Fonds de Garantie des Dépôts et de Résolution (FGDR) has surveyed the French people about the deposit guarantee scheme and the FGDR. This poll, conducted by the Harris Interactive market research firm, analyses changes in the FGDR's name recognition and knowledge of the deposit guarantee scheme and products covered.

 

SIGNIFICANT INCREASE IN THE FGDR'S NAME RECOGNITION SINCE 2016

 

The FGDR's name is becoming more recognisable among the general public: 45% of French people have heard of it (+16 points compared with 2017), even though 36% are still not quite sure what it does.
Those who have heard of it mainly describe the FGDR as reassuring (80%), reliable (78%), solid (76%) and expert (75%).

 

NEARLY HALF OF ALL FRENCH PEOPLE KNOW ABOUT THE DEPOSIT GUARANTEE SCHEME

 

French people are more aware that their bank deposits are protected but most are still unclear about it:

  • 48% of French people say they have already heard of the "deposit guarantee scheme", a stable score relative to 2017. Of those, 34% learned about it through the annual information notice attached to a letter from their bank, 29% through an information notice provided when they opened a covered current or savings account, and 16% through the notice on their current or savings account statement.
  • 34% of French people more easily identified certain products covered by the deposit guarantee scheme (5 points higher than in 2017).
  • 39% of French people know that companies are also covered by the deposit guarantee scheme (6 points higher than in 2017).
  • However, only one-fourth of French people (22%) are able to give the maximum coverage amount of €100,000 per person, per bank.

 

FRENCH PEOPLE'S TRUST IN OUR BANKING SYSTEM IS GROWING

 

French people who are aware of the FGDR have a higher-than-average level of trust in the banking system (65% versus 60%), thereby demonstrating the FGDR's ability to provide reassurance.

 

We see that the collective efforts made by the banks and our teams to inform and educate the public about the deposit guarantee scheme are gradually yielding results. This poll encourages us to do even more to raise awareness about the protection offered by the FGDR to customers of the banking and financial sector”, says Thierry Dissaux, Chairman of the FGDR Board.

 

The 2018 FGDR poll also shows that 60% of French people have confidence in the French banking system, an increase of 8 points over 2017 and 11 points over 2016.

 

The name recognition poll will be conducted once again in 2019. This demonstrates the FGDR's desire to make French people more aware that their bank deposits are protected and, in doing so, build confidence in the banking and financial system and ensure its stability. The poll was conducted online by Harris Interactive based on a representative sample of 1,000 French people aged 18 and over between 1 and 4 May 2018.

 

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR)

The mission of the Fonds de Garantie des Dépôts et de Résolution (FGDR) is to protect and compensate customers in the event that their banking or financial institution fails. Created by the law of 25 June 1999 on savings and financial security, the FGDR manages three mechanisms: the deposit guarantee scheme, the investor compensation scheme and the performance bonds guarantee scheme. It covers 530 institutions and can intervene before a failure on a preventative or resolution basis, or pays compensation to customers. A banking crisis operator in support of responsible finance, the FGDR plays a key role in ensuring the stability of the French banking system.  

PRESS CONTACT : 

 

Céilne Mandouze – Cabinet CLAI  
celine.mandouze@clai2.com
T +33 (0) 1 80 50 33 40 / Mobile : + 33 (0) 6 72 77 59 51
Site web FGDR: www.garantiedesdepots.fr

 

→To download the PDF of this press release, click here.

 

 

 

PRESS RELEASE - 27 September 2018

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR) has appointed new Supervisory Board members

 

Pursuant to paragraph II of Article L-312-10 of the French Monetary and Financial Code, the FGDR’s Supervisory Board consists of 12 members and one non-voting member: seven full members representing the credit institutions that are the largest contributors to the deposit guarantee scheme, two members elected from among the members of the deposit guarantee scheme, two members elected from among the members of the investor compensation scheme, and one member elected from among the members of the performance bonds guarantee scheme.

 

In the first half of 2018, two seats of elected members became vacant following equity transactions that resulted in two members losing their licences: Banque Martin-Maurel (deposit guarantee scheme) and Prado Epargne (investor compensation scheme). Pursuant to the order of 16 March 2016 implementing Article L. 312-16 of the French Monetary and Financial Code on the FGDR's Supervisory Board, the Fund launched an election process to replace the two vacant seats.

 

At the end of this process, the two new elected members of the Supervisory Board are:

  • Oddo BHF, which will be represented by Mr Christophe Tadié as Manager; and
  • Interexpansion-Fongepar (IEFG), which will be represented by Mr Frédéric Bourdon as Deputy Managing Director.

 

From 24 September 2018 until the end of the term of the current Board in the spring of 2020, after approval of the 2019 financial statements, the composition of the FGDR’s Supervisory Board is as follows (page 2):

 

 

Members of the Supervisory Board
Chairman
NICOLAS DUHAMEL
ADVISOR TO THE CHAIRMAN OF THE MANAGEMENT BOARD OF BPCE
IN CHARGE OF PUBLIC AFFAIRS BPCE GROUP
MEMBERS

Laurent GOUTARD
(Vice-Chairman)
Director of retail banking
 SOCIÉTÉ GÉNÉRALE FRANCE

Jérôme GRIVET

Deputy Chief Executive Officer

CRÉDIT AGRICOLE S.A.
Delphine d'AMARZIT

Deputy Chief Executive Officer

ORANGE BANK
Pierre-Edouard BATARD

Deputy Chief Executive Officer

CNCM and CCM
Jean BEURNARDEAU

Chief Executive Officer

HBSC FRANCE
Florence LUSTMAN

Chief Financial Officer

LA BANQUE POSTALE
Benoît CATHERINE

Deputy Managing Director

EXANE
Christophe TADIÉ

Manager

Oddo BHF
Frédéric BOURDON

Deputy Managing Director

Interexpansion-Fongepar
Jean-Jacques SANTINI

Director Institutional Affairs

BNPP
Jean-Marc VILON

Chief Executive Officer of

CRÉDIT LOGEMENT
 
NON-VOTING MEMBER
appointed by the Minister for the Economy
Jérôme REBOUL
Assistant Director Banking and General-Interest Financing Treasury Directorate
Composition of the Supervisory Board at 24 September 2018

 

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR)

The mission of the Fonds de Garantie des Dépôts et de Résolution (FGDR) is to protect and compensate customers in the event that their banking or financial institution fails. Created by the law of 25 June 1999 on savings and financial security, the FGDR manages three mechanisms: the deposit guarantee scheme, the investor compensation scheme and the performance bonds guarantee scheme. It covers 530 institutions and can intervene before a failure on a preventative or resolution basis, or pays compensation to customers. A banking crisis operator in support of responsible finance, the FGDR plays a key role in ensuring the stability of the French banking system.  

PRESS CONTACT : 

 

Delphine Bosc  – Cabinet CLAI  
delphine.bosc@clai2.com
T +33 (0) 1 44 69 30 35 / Mobile : + 33 (0) 6 99 37 61 76
Site web FGDR: www.garantiedesdepots.fr

 

→To download the PDF of this press release, click here.

 

 

 

PRESS RELEASE - 29 January 2018

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR) signs a €1.4 billion credit line

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR) announces the signature of a renewable credit line for an amount of one billion four hundred million euros (€1.4 billion) maturing in January 2019 with two options to extend it for one year.

 

Thanks to this credit line, from 2018 the FGDR will have available resources of more than €5 billion, i.e. 0.5% of bank deposits covered by its guarantee in France. This amount lies within the targets for 2024 that the European regulations have set with regard to deposit guarantee schemes' resources.

 

The FGDR is also one of the leading deposit insurers to comply with the recommendations of the European Banking Authority with regard to available financial resources. In this way, the FGDR shows that its commitment to actively work towards the Banking Union's targets set in 2014 by the DGSD 2 European Directive.

 

The FGDR is supported by seven French banks* in the form of a "club deal" to bring this operation to a successful conclusion. BNP Paribas is involved as the documentation agent. Crédit Agricole Corporate and Investment Bank was designated as the credit agent.

 

(*) BNP Paribas, Caisse Centrale du Crédit Mutuel, Crédit Agricole Corporate and Investment Bank, HSBC France, La Banque Postale, Natixis, Société Générale Corporate & Investment Banking.

 

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR)

The mission of the Fonds de Garantie des Dépôts et de Résolution (FGDR) is to protect and compensate customers in the event that their banking or financial institution fails. Created by the law of 25 June 1999 on savings and financial security, the FGDR manages three mechanisms: the deposit guarantee scheme, the investor compensation scheme and the performance bonds guarantee scheme. It covers 530 institutions and can intervene before a failure on a preventative or resolution basis, or pays compensation to customers. A banking crisis operator in support of responsible finance, the FGDR plays a key role in ensuring the stability of the French banking system.  

PRESS CONTACT :  

 

Delphine Bosc – Cabinet CLAI  
delphine.bosc@clai2.com 
T +33 (0) 1 44 69 30 35 / Mobile : + 33 (0) 6 99 37 61 76

Site web FGDR: www.garantiedesdepots.fr

 

→To download the PDF of this press release, click here.

 

 

PRESS RELEASE - 4 October 2016

 

The chairman of the FGDR Board, Thierry Dissaux, is elected Chairman of the EFDI, the European Forum of Deposit Insurers.

 

Thierry Dissaux is elected Chairman of the EFDI, the European Forum of Deposit Insurers, at its General Meeting held on 29 September in Vilnius, Lithuania.

 

Chairman of the French Fonds de Garantie des Dépôts et de Résolution (FGDR)  since 2011, Thierry Dissaux was unanimously appointed for a three-year term of office.

 

This appointment is testament to the work carried out by the FGDR in launching and then implementing the Home/Host Cooperation (H2C)  project with the aim of organising effective operational cooperation among the European guarantee schemes, in the event of  cross-border compensation within the 31 countries of the European Economic Area, a project initiated by Thierry Dissaux and for which he has been responsible since its inception two years ago.

 

François de Lacoste Lareymondie, member of the FGDR  Executive Board, expressed the pride of the FGDR teams on this appointment: "This election is the reward for the progress made by the FGDR in recent years, expressed a few days ago by, among others, the approval of the Home-Host Cooperation agreement. It also gives us a special responsibility and encourages us to increase our collective efforts, at French, European and international levels, to contribute to an always more stable and responsible banking system, to serve depositors. "

 

The EFDI (European Forum of Deposit Insurers) was created in 2002 with the support of the European Commission and has currently 66 members, including 56 Deposit Guarantee Funds and 10 Investor Guarantee Funds, coming from 44 countries. Its action extends to European and international organisations, including the European Commission, the European Banking Authority (EBA), the World Bank, the International Monetary Fund (IMF), the European Banking Federation(EFB) and the International Association of Deposit Insurers (IADI), with which it is developing close working relations.

 

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR)

The Fonds de Garantie des Dépôts et de Résolution (FGDR) is a public interest organisation whose mission is  to protect customers of a failed bank. By protecting customers' assets, the FGDR plays a key role in ensuring the stability of the French banking system. It covers 582 affiliated institutions and compensates customers on a preventative basis or on a bank crisis resolution basis..

PRESS CONTACT : 

 

Emilie Humann
Emilie.humann@clai2.com
T +33 (0) 1 44 69 54 05 / Mobile : + 33 (0) 7 77 26 24 60
FGDR Website :
www.garantiedesdepots.fr

 

 

→To download the PDF of this press release, click here.

 

 

 

PRESS RELEASE - 28 SEPTEMBER 2016

 

THE EFDI, EUROPEAN FORUM OF DEPOSIT INSURERS, APPROVED THE HOME/HOST COOPERATION AGREEMENT (H2C) ESTABLISHED ON THE INITIATIVE OF THE FGDR

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR), which protects customers in the event that their banking or financial institution fails, initiated the Home/Host Cooperation project (H2C), with the aim of organising effective operational cooperation among European guarantee schemes when they provide cross-border compensation to depositors within the 31 countries of the European Economic Area.

This project resulted in the joint adoption within the EFDI, made official on 15 September, of a Home/Host Cooperation Agreement and a set of practices and related standards that reflect the desire of all EFDI members to optimise their cooperation in case of failed banks that have their head office in one European country and branches in another European country.

These documents fall within the context of the framework drawn up by European Directive 2014/49/EU relating to deposit guarantee schemes (DGSD2) and the orientations set out in 2016 with regard to Home/Host cooperation by the European Banking Authority (EBA). In fact, the directive makes it mandatory for the customers of the European branch to be compensated by means of this country's guarantee fund ("Host" fund), on the instructions and under the responsibility of the guarantee fund of the failed bank's head office ("Home" fund).

This agreement sets out in concrete terms the details for intervention and exchange among European funds (data transfer, IT protocols, communication rules, financial transfers, sharing costs, etc.), thus ensuring genuine functional and technical interoperability among them.

 

 

The conclusion of the H2C initiative, after two years' collective work, was fully and completely supported by the European Banking Authority. In a letter to the EFDI, Mr Andrea Enria, Chairman of the European Banking Authority, very involved in this project, stated that "the Agreement meets the requirements of the EBA's Orientations" and "encourages the members of the EFDI and the competent authorities designated by the Member States, to join this Agreement".

 

Thierry Dissaux, Chairman of the FGDR Board, who coordinated this work with the FGDR teams, praised the remarkable involvement of the EFDI members. "They rose to the challenge of a consensus definition of all the legal and technical requirements necessary for ensuring their joint interoperability. Building such interoperability is probably unprecedented in the field of deposit guarantees schemes."

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR)

The Fonds de Garantie des Dépôts et de Résolution (FGDR) is a public interest organisation whose mission is  to protect customers of a failed bank. By protecting customers' assets, the FGDR plays a key role in ensuring the stability of the French banking system. It covers 582 affiliated institutions and compensates customers on a preventative basis or on a bank crisis resolution basis.

PRESS CONTACT : 

 

Emilie Humann
Emilie.humann@clai2.com
T +33 (0) 1 44 69 54 05 / Mobile : + 33 (0) 7 77 26 24 60
FGDR Website : 
www.garantiedesdepots.fr

 

 

→To download the PDF of this press release, click here.

 

 

 

PRESS RELEASE  - 11 JULY 2016

 

FGDR-IADI ERC INTERNATIONAL CONFERENCE ON FINANCIAL STABILITY :

« DIVERSITY AND HARMONISATION OF THE DEPOSIT GUARANTEE SCHEME »

CONCLUSIONS

 

 

 

 

In May 2016, working meetings of the 48th Executive Council of the International Association of Deposit Insurers (IADI), including 80 deposit insurers from 77 countries, were held at the Fonds de Garantie des Dépôts et de Résolution (FGDR). 180 deposit insurers, representatives of central banks, European and international banking supervisors, academic, journalists, etc. participated in the international closing conference, organised jointly by the FGDR and the European Regional Committee of the IADI. This conference looked at the general movement to harmonise the principles and practices of the deposit guarantee schemes with the diversity of the models

On the basis of comparing experiences and testimonies, the deposit insurers defined their future strategic mission: "Crisis operators at the service of responsible finance".

 

→ To view the conference video, click on it

 

 

PRESS RELEASE ​ - 11 JULY 2016

 

HOME/ HOST COOPERATION (H2C) INITIATIVE

 

Changes in the European regulatory framework led the FGDR in mid-2014 to set up the "Home/Host Cooperation" within the EFDI (European Forum of Deposit Insurers). This is a European cooperation project intended, pursuant to the requirements of the "DGSD2" directive, to ensure the interoperability of the European guarantee funds among them and to enable them to manage cross-border compensation within very short periods: compensation currency, communications channels (telephone, e-mail, letters, etc.), communications language, financial reconciliation, cost sharing, etc.

 

→ To view the video, click on it

 

 

PRESS RELEASE - 6 June 2016

 

"DIVERSITY AND HARMONISATION OF DEPOSIT INSURANCE"
FGDR HOSTED DEPOSIT INSURERS FROM 77 JURISDICTIONS FOR AN INTERNATIONAL CONFERENCE ON FINANCIAL STABILITY ORAGNISED BY THE FGDR WITH DEPOSIT INSURERS FROM 78 COUNTRIES :

 

On Thursday, 26 May, an international conference attended by 82 deposit insurers from 78 countries was held at the Fonds de Garantie des Dépôts et de Résolution (FGDR), which protects customers if their banking or financial institution fails. It looked at the harmonisation of standards  in response to the diversity of the models and local realities.

 

All the players in the international "banking safety net" met in Paris.

 

This conference, held by the FGDR in Paris within the scope of the 48th  Executive Committee of the International Association of Deposit Insurers (IADI), was open to all players in financial security (supervisory authorities, regulators, economists, researchers and professionals, etc.).

 

After welcoming addresses by Thierry Dissaux, Chairman of the FGDR  Board of Directors, then by Thomas Hoenig, Chairman of the IADI, also Vice-Chairman of the Federal Deposit Insurance Corporation in the United States, the Director General of the Treasury, Bruno Bézard, spoke about the necessary of making progress in setting up the Banking Union to strengthen the stability of the European banking system and the protection of depositors. He stressed the importance of a balance between pooling and reducing risks.

 

Jan Nolte, senior financial analyst in the World Bank, then spoke about the Financial Sector Assessment Program (FSAP), the IMF and World Bank joint programme to assess the stability of national financial systems.

 

Four round tables with 20 speakers from 19 countries, as well as four representatives of international authorities. The discussions were organised in four theme-based round tables:

"STANDARDS": how the assessment of deposit guarantee schemes' international standards ("Core Principles") is adapted to local specificities?

"CRISES": being a deposit insurer and dealing with various types of crises (systemic financial crisis, natural disasters, multiple failures, etc.)

"MODELS ": harmonisation of practices: unification models?

"CROSSING BORDERS": Problems in treating resolutions and compensation of the customers of banking institutions with cross-border activities.

 

To download the conference programme, click here,

→ To download the speakers' biographies and presentations, click here.

 

DEPOSIT INSURERS AND CRISIS OPERATORS FOR RESPONSIBLE FINANCE

In his closing speech, Robert Ophèle, Deputy Governor of the Banque de France, emphasised that international cooperation can contribute greatly for the best protection of the banking systems and depositors. The progress made since the IADI was created in 2002 is spectacular. On this basis, the "Home-Host Cooperation initiative", supported by the FGDR within the European Forum of Deposit Insurers (EFDI), will enable European guarantee funds to co-ordinate their operations for compensating depositors of a bank with activities through branches in several European countries. Insuring deposits is a subject that concerns all the players in banking and financial stability.

At the end of the day, Thierry Dissaux, Chairman of the Board of the FGDR, which hosted the event, put the future mission of deposit insurers and his organisation into perspective:

"In the light of these diversity and harmonisation stakes, no doubt the concept of deposit insurance only reflects some of the realities. At the FGDR, we are now convinced that the role of a deposit insurer is to be a crisis operator at the service of responsible financein the future. Our raison d’être is not only to prevent banking panics and interrupted banking services for depositors, but also to contribute to a stable and responsible banking system."

 

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR)

The Fonds de Garantie des Dépôts et de Résolution (FGDR) is a public interest organisation whose mission is to protect customers of a failed bank. By protecting customers' assets, the FGDR plays a key role in ensuring the stability of the French banking system. It covers 582 affiliated institutions and compensates customers on a preventative basis or on a bank crisis resolution basis.

PRESS CONTACT : 

 

Emilie Humann
Emilie.humann@clai2.com
T +33 (0) 1 44 69 54 05 / Mobile : + 33 (0) 7 77 26 24 60
FGDR Website : www.garantiedesdepots.fr

 

 

 

To download the PDF of this press release, click here.

 

 

 

PRESS RELEASE - 12 MAY 2016

 

THE FONDS DE GARANTIE DES DEPOTS ET DE RESOLUTION (FGDR) HAS RENEWED ITS SUPERVISORY BOARD

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR), which protects customers of failed banking or financial institutions, renewed its Supervisory Board for a term of office of four years, on expiry of the preceding term of office. The Supervisory Board, at its meeting on 10 May 2016, elected its chairman and vice-chairman.

 

The Supervisory Board is composed of 12 members: 7 full members appointed from among the institutions contributing the most to the deposit guarantee scheme: 2 members elected from among member credit institutions of the deposit guarantee scheme, 2 elected from among the members of the investor compensation scheme and 1 member elected from among the performance bond scheme. A non-voting member appointed by the Minister for the Economy participates in board meetings. The Supervisory Board meets at least four times a year.

During the initial meeting on 10 May 2016, the Supervisory Board elected Nicolas Duhamel, Advisor to the Chairman of the Board of Directors of BPCE and head of public affairs at Groupe BPCE , as Chairman, and Laurent Goutard, Director of retail banking at Société Générale France, as Vice-Chairman. 

 

The Fonds de Garantie des Dépôts et de Résolution (FGDR)

The Fonds de Garantie des Dépôts et de Résolution (FGDR) is a public interest organisation whose mission is to protect customers of a failed bank. By protecting customers' assets, the FGDR plays a key role in ensuring the stability of the French banking system. It covers 582 affiliated institutions and compensates customers on a preventative basis or on a bank crisis resolution basis.

PRESS CONTACT : 

 

Emilie Humann
Emilie.humann@clai2.com
T +33 (0) 1 44 69 54 05 / Mobile : + 33 (0) 7 77 26 24 60
FGDR Website : www.garantiedesdepots.fr

 

 

→ To download the contents of this press release, click here.