Featured Product

    CSSF-CPDI Issues Circular on Survey for Deposit Guarantee Fund Members

    July 05, 2019

    The CSSF-CPDI (the Council for the Protection of Depositors and Investors) published a circular with the aim to carry out a survey on deposits, particularly on covered deposits, as held by credit institutions incorporated under the Luxembourg law, the POST Luxembourg for its provision of postal financial services, and the Luxembourg branches of credit institutions that have their head office in a third country as at June 30, 2019. The circular has been issued to the members of the Luxembourg deposit guarantee fund (FGDL).

    The circular states that the data collection is done on a quarterly basis to identify, throughout the year, trends and changes in indicators relevant to the deposit guarantee. FGDL members are requested to provide data at the level of their legal entity, comprising branches located within other member states, by July 31, 2019. To transmit the data, institutions are being requested to complete the table attached to the circular.

    A definition of “covered deposits” and “eligible deposits” can be found in Article 163 of the amended law of December 18, 2015 on the failure of credit institutions and certain investment firms. The circular mentions that persons who are absolutely entitled shall be covered by the guarantee, provided that they have been identified or are identifiable before the guarantee is triggered. Persons are deemed identifiable if the holder of the account has informed the FGDL member institution that holds the deposits, that he acts on behalf of third parties, that he has communicated the number of persons who are absolutely entitled and the amount owed to each of them, and that he is able to provide the institution that holds the deposits or the CPDI with the identity of the persons who are absolutely entitled, upon request of the CPDI in case of the institutions’ failure. To allow the CPDI to follow the use of omnibus or fiduciary accounts and prepare the FGDL for their reimbursement, the volume of eligible and covered deposits in such accounts and the number of persons who are absolutely entitled are to be reported through specific rows in the annexed table. 

     

    Related Link: Circular (PDF)

     

    Keywords: Europe, Luxembourg, Banking, Covered Deposits, Deposit Guarantee Fund, Data Collection, FGDL, CPDI, CSSF

    Related Articles
    News

    APRA Publishes Approach to Regulating and Supervising GCRA Risks

    APRA published an information paper that sets out a more intensive regulatory approach to transform governance, culture, remuneration, and accountability (GCRA) practices across the prudentially regulated financial sector.

    November 19, 2019 WebPage Regulatory News
    News

    IAIS Publishes Application Paper on Recovery Planning

    IAIS published the final application paper on recovery planning, along with the resolution of comments on the draft application paper.

    November 18, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of November Meeting of RCG for MENA Region

    FSB published a summary of the November meeting of the Regional Consultative Group (RCG) for Middle East and North Africa (MENA).

    November 17, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to eight questions that relate to the Bank Resolution and Recovery Directive (BRRD) and the Capital Requirements Regulation and Directive (CRR and CRD).

    November 15, 2019 WebPage Regulatory News
    News

    FSI Examines Use of Red Team Testing to Enhance Cyber Resilience

    The Financial Stability Institute (FSI) of BIS published a paper that examines the contribution of red team testing frameworks toward enhancing cyber resilience.

    November 15, 2019 WebPage Regulatory News
    News

    FASB Delays Effective Dates for CECL, Leases, and Hedging Standards

    FASB issued two Accounting Standards Updates finalizing the delays in effective dates for standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

    November 15, 2019 WebPage Regulatory News
    News

    ESMA Updates Q&A on Securitization Regulation in November 2019

    ESMA updated questions and answers (Q&A) on the Securitization Regulation (Regulation 2017/2402).

    November 15, 2019 WebPage Regulatory News
    News

    HKMA Announces Finalization of Banking Liquidity Amendment Rules 2019

    HKMA issued a letter informing all authorized institutions that negative vetting of the Banking (Liquidity) (Amendment) Rules 2019 (BLAR) has now expired. Thus, the BLAR will now come into operation from January 01, 2020.

    November 15, 2019 WebPage Regulatory News
    News

    BCBS Consults on Revised Disclosures for Market Risk Framework

    BCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.

    November 14, 2019 WebPage Regulatory News
    News

    BCBS Consults on Disclosure Templates of Sovereign Exposures of Banks

    BCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.

    November 14, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4167