BDE Issues Circular on Guarantee Fund of Deposits in Spain
BDE issued Circular 1/2018, which modifies Circulars 5/2016 and 8/2015 and enters into force on the day following its publication in the Official State Gazette. Circular 5/2016 specifies the method of calculation to ensure that the contributions of the entities that adhere to the guarantee fund of deposits are proportional to their risk profile. Circular 8/2015 is addressed to the entities and branches attached to the guarantee fund of deposits of credit institutions and specifies information to determine the basis for calculating the contributions to the guarantee fund of deposits of credit institutions.
The revision to Circular 5/2016 is intended to accommodate the legal system to the circumstance, guaranteeing that the contribution regime to the Guarantee Fund of Deposits takes into account the risk profile of the member entities that are part of a Institutional Protection Systems. Additionally, adequate implementation of the modification of Circular 5/2016 requires the provision of sufficient information by the Bank of Spain. A second rule and a new annex have been introduced in Circular 8/2015 while Section 4.3 in Standard 2, Rule 3, and a section in Standard 4 have also been introduced in Circular 5/2016. Other amendments to Circular 5/2016 are modifications to:
- Section on "Normative references used in this Circular"
- Section 4 of Rule 1
- Sections 3.1, 3.2, 4, 4.1, 4.2 and 5.2 of Standard 2
- Appendix 1 and Appendix 2
- Sections 2, 3, and 5 of Standard 4
Related Links (in Spanish)
Keywords: Europe, Spain, Banking, Guarantee Fund of Deposits, CRR, Circular 1/2018, Circular 5/2016, Circular 8/2015, Proportionality, BDE
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