FREQUENTLY ASKED QUESTIONS 

IS THE LEVEL OF COVERAGE “PER DEPOSIT” OR “PER DEPOSITOR”? 

 The level of coverage is equal to 100,000 euro per depositor per institution, pursuant to the Legislative Decree n. 49 of 24 March 2011 implementing Directive 2009/14/EC.

I HAVE BEEN TOLD THAT SOME BANKS ARE GUARANTEED AND OTHER NOT. IS THIS TRUE? 

 No, it is false. All Italian Banks, as well as branches of non EU banks in Italy, are required to join FITD and all depositors of such banks are guaranteed in the same way. Furthermore, EU banks branches may adhere to the Fund on a voluntary basis, supplementing the coverage provided to depositors up to the Italian level of coverage, which is 100,000 euro. 

HOW LONG DOES IT TAKE TO GET MY MONEY BACK?  

 Depositors are reimbursed up to 100.000 euro within 20 working days as of the date on which the Compulsory Administrative Liquidation of the bank is commenced according to the Italian Banking Law. This terms can be extended by the Bank of Italy to a maximum of 10 working days in wholly exceptional circumstances. All this Pursuant to the Legislative Decree n. 49 of 24 March 2011, which implemented in the Italian legislation Directive 2009/14/EC amending Directive 94/19/EC on deposit-guarantee schemes as regards the coverage level and the payout delay.

DO I COLLECT 100% OF MY DEPOSIT OR DO I SUFFER A LOSS? 

 All depositors of a failed member bank are 100% reimbursed, up to the maximum limit set forth in the Italian law, which is equal to 100,000 euro per depositor. 

IF I HAVE A JOINT ACCOUNT, WHICH LEVEL OF COVERAGE IS APPLIED? 

 Since FITD’s guarantee is applied on a “per depositor per institution” basis, in the event of a joint account the level of coverage is equal to 100,000 euro multiplied by the number of co-holders, provided that such co-holders do not have other accounts held in the same bank. If co-holders also have other accounts in the same bank, the limit (100,000 euro) is applied per each depositor to the aggregate deposits amount, i.e. the sum of the depositor’s personal account/s and his/her share in the joint account (money in a joint account is divided equally among the depositors).  

ARE CORPORATE BONDS, SHARES AND STATE BONDS COVERED? 

 No, they are not guaranteed by FITD, since they are not deposits but investments. 

DOES FITD GUARANTEE CERTIFICATES OF DEPOSITS?  

 Yes, according to the Statutes, FITD protects deposits, bank drafts and nominative certificates of deposits. Certificates of deposits, which are non-nominative, are not guaranteed. 

IF I HAVE AN ON-LINE ACCOUNT, I AM GUARANTEED IN THE SAME WAY? 

  Definitely, provided that such on-line account is offered by an FITD member bank. 

IF I DEPOSIT MY MONEY IN A FOREIGN BANK, WHICH OPERATES IN ITALY, WHAT TYPE OF GUARANTEE I AM ENTITLED TO? 

 Two cases may be outlined. On the one hand, the same guarantee provided for Italian banks is applied to the foreign bank as well, if such bank adheres to FITD; on the other hand, if the foreign bank does not adhere to FITD, it is protected by its home country deposit guarantee scheme.

ARE GOLD DEPOSITS GUARANTEED? 

 No. Gold, as a physical deposit, is not money. FITD only protects money deposits. It is also not needed. In the case of a bank failure, physical gold as well as securities belonging to a client are allocated to the clients personal ownership, it is not part of the failing institutions assets. In other words, it is not part of the liquidation process, as it is handed out to the owner.