The Deposit Guarantee Fund (FGD) is a public-law collective entety of Public Right, endowed with administrative and financial autonomy and own patrimony, created by the Regime Geral das Instituições de Crédito e Sociedades Financeiras and approved by Decreto-Lei n.º 298/92 of the 31st of December.
The FGD guarantees the reimbursement of deposits in credit institutions that participate in it. FGD guarantees the reimbursement of the total value of the creditors balance within the credit institution in reference, under certain limitations, such as when the global value of deposits does not exceed €100.000,00 and the deposits in the credit institution are unavailable. Its action, together with those of the supervising authority, reinforces of trust and stability in the banking system and is especially valuable in protecting small depositors.
Credit institutions in Portugal and Spain that are authorized to receive deposits are required to participate in the FGD and contribute periodically in order to guarantee the financial resources essential to its function.
All deposits at Banco Finantia that do not fall under the list of exceptions covered in the article 165º, nº1 of the Regime Geral das Instituições de Crédito e Sociedades Financeiras, benefit from the reimbursement guarantee given by FGD each time that an unavailability of the deposits occur for reasons related to its financial situation.
The FGD guarantees the reimbursement of the total value of each depositors' money balance up to the limit of €100.000,00 every time that an unavailability of the deposits occur, that is, when the depository institution for reasons directly related to its financial situation, hasn’t made the reimbursement according the legal and contractual conditions applicable, or when the Bank of Portugal (or Spain if it is the case) takes the decision to revoke of the authorization to the depository institution. The FGD will reimburse your deposits up to the limit of €100,000 (i) within a maximum period of 15 business days (from the date of the unavailability of the deposits), until December 31, 2020; (ii) 10 business days (from the date of the unavailability of deposits), from January 1, 2021 to December 31, 2023; and (iii) 7 business days (from the date of the unavailability of the deposits), effective January 1, 2024. In case the FGD has to make a repayment before December 31, 2023, it will be made available to depositors for the guarantee, within a maximum of 7 working days, a portion up to €10,000 of its deposits guaranteed by the FGD. If you have not been reimbursed according to those time guidelines, you should contact the Deposit Guarantee Fund, asthe period for demanding reimbursal may be limited.
For further information visit www.fgd.pt.
DEPOSITS EXCLUDED FROM THE GUARANTEE
Excluded from the reimbursement guarantee:
- a) Deposits that are made in name and on account of credit institutions, investment companies, financial institutions, insurance companies, collective investment institutions, pension funds, national and foreign public sector entities and supranational or international organisations, with exception of:
i - Pension Fund Deposits whose members are small or medium size companies;
ii - Deposits of local authorities with an annual budget equal or less than €500.000,00.
- b) Deposits resulting from operations where a criminal conviction has been handed down, for the practice of money laundering.
- c) Deposits of people and entities who, in two years before the date in which an unavailability of the deposits occur, or when a government resolution was adopted, directly or indirectly hold 2% or more of the share capital of the credit institution, or were members of the credit institution administration bodies; except if it is demonstrated that they were not , by act or omission, responsible for the financial difficulties of the credit institution, and that they have not contributed, by act or omission, to the aggravation of the situation.
For further information, view Depositor Information Sheet.