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What it is

A single fund to guarantee bank deposits in Spain

BOE step 7 of 7 · Passed

It is a royal decree-law. It was introduced on 14 October 2011. Introduced by: Gobierno.

Official title: Royal Decree-Law 16/2011, of October 14, creating the deposit guarantee fund of credit institutions.

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Source: Congreso de los Diputados, file 130/000053· updated 11 Nov

Automatic summary, not yet reviewed

  1. The Deposit Guarantee Fund for Credit Institutions is created, and the three previous funds (savings banks, banks and credit cooperatives) are dissolved, with their assets merged into the new Fund.
  2. The Fund has two functions: guaranteeing deposits and strengthening the solvency and operation of troubled institutions, in defense of depositors and the system as a whole.
  3. All Spanish credit institutions must belong to the Fund, except Financial Credit Establishments and the Official Credit Institute. Institutions that fail to pay their contributions can be excluded.
  4. The Fund is financed through annual contributions from member institutions, of up to a maximum of 2 per thousand of guaranteed deposits. Contributions are suspended if the uncommitted assets reach 1% of those deposits.
  5. The Fund guarantees up to €100,000 per depositor, plus a separate and independent guarantee of up to €100,000 for securities or financial instruments entrusted to the institution.
  6. The Fund can take preventive and cleanup measures to rescue institutions in crisis, such as financial aid, capital restructuring or management improvements, whenever that costs it less than paying out guaranteed deposits.

Who it affects

  • Savers and depositors: Their deposits are guaranteed up to €100,000 by the new single Fund.
  • Banks, savings banks and credit cooperatives: They must belong to the Fund and pay annual contributions based on their deposits.
  • Institutions in financial trouble: They can receive aid and measures from the Fund to strengthen their solvency and avoid closure.
  • Investors who entrust securities to an institution: They are guaranteed up to €100,000 for the return of those securities if the institution cannot give them back.

Words worth knowing

Fondo de Garantía de Depósitos
Deposit Guarantee Fund: a body that repays savers when a bank cannot return their deposits.
Entidad de crédito
Credit institution: a company that takes deposits from the public and grants credit, such as banks, savings banks and credit cooperatives.
Derrama
Extra payment shared among member institutions to cover a shortfall in the Fund.
Comisión Gestora
Governing committee: the body that runs the Fund, made up of representatives of the Bank of Spain and member institutions.
A fondo perdido
Non-repayable aid: money the receiving institution does not have to give back.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced14 October 2011Someone registers the text in the Congreso.
  2. Admitted27 October 2011The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsno dateGroups propose changes.
  4. Committeeno dateA committee goes through the text in detail.
  5. Plenaryno dateAll 350 deputies vote.
  6. Senateno dateThe Senate can pass it, amend it or veto it.
  7. BOEno dateIt is published in the Official State Gazette (BOE) and comes into force.
See the 3 official steps on a timeline
Oct 201111. 14 October 2011: Presentación22. 20 October 2011: Concluido - (Convalidado) desde 20/10/2011 hasta 27/10/201133. 27 October 2011: Calificación

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Royal Decree-Law 16/2011, of 14 October, creating the Deposit Guarantee Fund of Credit Institutions.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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