FREQUENT QUESTIONS & ANSWERS SECTION 

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

 The level of coverage is equal to 103.291,38 euro and it is applied per depositor per institution.

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. Moreover, 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 103.291,38 euro. 

IF THE BANK HOLDING MY DEPOSITS IS LIQUIDATED, WHAT DO I HAVE TO DO TO GET MY MONEY BACK? 

 Wthin a month after the appointement of the Liquidator, each depositor receives a registered letter which informs him/her of the amount he/she is entitled for reimbursement. Whether no communication is received or in the event of claims, timing and procedure provided for in the Assessment of Liabilities referred to in article 86 of the Banking Law shall be applied.  

HOW LONG DOES IT TAKE TO GET MY MONEY BACK?  

 20.000 euro are reimbursed within three months of the initiation of the compulsory administrative liquidation procedings of the bank. Such time limit may be extended to no more than 9 months. Remaining balances up to 103.291,38 euro are reimbursed on the basis of time limits established during the liquidation proceedings. 

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 103.291,38 euro per depositor. 

SHOULD 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 103.291,38 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 have also other accounts in the same bank, the limit (103.291,38 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, SPOT AGAINST FORWARD AND STATES 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. 

SHOULD 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.