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Spain: Deposit Guarantee Funds

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On October 10, 2008, Spanish authorities increased the amount insured under its three Fondos de Garantia de Depositos (FGDs), Spain's deposit-insurance schemes, from EUR 20,000 to EUR 100,000 (USD 27,200 to USD 136,000). By raising this limit, which was meant to be a permanent change to the banking system, Spanish authorities intended to bolster depositor confidence while exceeding a recent European Union (EU) recommendation to expand such coverage to at least EUR 50,000. Membership in one of the FGDs was compulsory for banks, cajas (savings banks), and cooperatives, each of which had a separate fund. These institutions paid a 0.2% premium on their insured funds, which included a variety of deposit accounts. Although the Spanish banking crisis intensified, the FGDs remained unused by the end of April 2010. In 2011, Spain adopted new deposit-insurance legislation, merging the three FGDs into a single fund.

Suggested Citation

  • Vergara, Ezekiel, 2022. "Spain: Deposit Guarantee Funds," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 4(2), pages 592-605, April.
    • Handle: RePEc:ysm:ypfsfc:v:4:y:2022:i:2:p:592-605
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    File URL: https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1315&context=journal-of-financial-crises
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    Keywords

    Account guarantees; European Union; Fondos de Garantia de Depositos; Global Financial Crisis; Spain;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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