The Deposit Guarantee Fund of Credit Institutions (FGD; Spanish: Fondo de Garantía de Depósitos de Entidades de Crédito) is a fund financed by retail, cooperative, and savings banks (Spanish: cajas de ahorros) as well as the Spanish central bank covering deposits in Spanish banks. First set up in 1977, it originally guaranteed deposits up to the equivalent of 15,000 euros per account and account holder. Since 2010, it also plays a crucial role in the management of the FROB. The FGD is a private legal entity which guarantees the deposits in Spanish banks based in Spain and the European Union. The Fund guarantees up to 100,000 euros (since 10 October 2008). It is financed by an annual 2.5‰ levy on bank assets. The levies are deposited in three separate funds depending on whether the bank is a retail, cooperative or a savings bank. The Bank of Spain together with the Ministry of Finance may reduce the levy if the total assets of the funds reach 1% of the deposits of the respective banks. More information...
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