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Faq (en)

SUBJECTS GUARANTEED BY FITD

1. Which banks are members of FITD?

All Italian banks must belong to a deposit guarantee scheme established and recognized in Italy. Membership is a necessary condition for the exercise of banking activity.

In Italy there are two deposit guarantee schemes - FITD and the Deposit Guarantee Fund of the Credit Cooperative banks (Fondo di garanzia dei depositanti del Credito Cooperativo).

Except for cooperative banks, all Italian banks are members of FITD.

Branches of non-EU banks operating in Italy adhere to FITD, unless they participate in an equivalent foreign guarantee scheme.

Branches of EU banks operating in Italy may adhere to FITD in order to supplement the coverage provided by their home deposit guarantee scheme.

Member banks

2. Does the guarantee apply only to individuals or also to legal entities?

The guarantee also applies to legal persons.

Exclusions are set out in art. 33 par. 3 of the Statute of FITD.

Statutes

3. Does the deposit guarantee apply also to under-age deposit holders?

Yes, under-age depositors have the same protection as adult depositors; their rights are exercised by the holders of parental responsibility.

4. Are deposits held by the Post Office (BancoPosta) protected by FITD?

No. FITD only protects deposits of its member banks.

5. Are deposit held at on-line banks guaranteed by FITD?

On-line banks are members of FITD as well as the other banks.

It should be noted that, sometimes, the denomination "on-line bank" refers to a commercial product offered by a bank, rather than to the bank itself. These products are covered by FITD only if they are deposits eligible for guarantee.


SCOPE OF COVERAGE

6. What is the scope of coverage of FITD?

FITD coverage applies to: current accounts, cash and time deposits, nominative certificates of deposit, nominative saving books and banking drafts.

7. Are shares, corporate bonds and repurchase agreements covered by FITD?

No, these instruments, although issued by the bank in liquidation, are not covered by FITD.

8. Are there any risks for depositors if bail-in is applied?

Bail-in is a tool that allows resolution authorities, in the context of a bank resolution procedure, to write-down or convert capital instruments and creditors’ positions to absorb losses and recapitalize the bank so as to restore adequate bank’s capitalization and maintain market confidence.

Shareholders and creditors must not suffer losses greater than those they would incur in the event of an ordinary bank liquidation.

Deposits up to 100,000 euro, which are protected by FITD, are expressly excluded from the application of bail-in.

Individuals and small and medium-sized enterprises receive preferential treatment also for the part of the deposit exceeding 100,000 euro. They would be affected by losses only in the event that the application of the bail-in to all instruments with a lower degree of protection in the bankruptcy hierarchy was not sufficient to cover the losses and restore an adequate level of capital.

Deposits exceeding 100,000 euro can also be excluded by resolution authorities from the scope of application of bail-in on a discretionary basis, in order to avoid the risk of contagion and preserve financial stability.

9. How do banks inform depositors regarding the protection of their deposits?

Banks are required to provide depositors with all necessary information regarding the deposit guarantee scheme they are joining and the functioning of the guarantee.

Information must be shared via fact-sheets (Depositor information sheet), which depositors shall be provided upon the signing of a contract on deposit-taking. In addition, banks are required to send the information sheet to their customers with their periodic statements of account at least yearly.

10. Are prepaid cards considered as deposits?

No, because they do not qualify as deposits.

However, if the prepaid card is associated with an International Bank Account Number (IBAN), it is equivalent to an ordinary deposit and is covered by FITD.

11. Are goods kept in a safe-deposit box of a bank guaranteed by FITD?

No, goods kept in a safe-deposit box of a bank are not guaranteed by FITD. However, in case of liquidation of the bank, they are handed back to the owner.

12. Are gold deposits guaranteed by FITD?

No, because gold is not money but a physical deposit. In case of administrative compulsory liquidation, the property is handed back to the owner.


COVERAGE LEVEL

13. What is the coverage level applied to the FITD guarantee?

The level of coverage is 100,000 euro per depositor per institution. The limit also applies for banks of the same banking group.

14. How is the coverage level applied?

The coverage level of 100,000 euro is applied by aggregating the various deposits held by the same person at the same bank.

Ex. 1:

If Mr. Rossi has 2 accounts at a Bank, one equal to 70,000 euro and one equal to 50,000 euro, he has a credit of 120,000 euro. In case of Compulsory Administrative Liquidation of the bank, he will be reimbursed up to 100,000 euro only.

15. How is the coverage level applied in case of joint accounts?

In case of joint accounts, the coverage level is applied in proportion to the number of joint holders. Joint accounts are also considered when aggregating the deposits of the same depositor (see question 14).


Ex. 1:
The joint account amounts to 100,000 euro and the co-holders are 2. Each co-holder is entitled to 50,000 euro.


Ex. 2:
The joint account amounts to 300,000 euro and the co-holders are 2. Each co-holder is entitled to 100,000 euro.


Ex. 3:
If Mr. Rossi has 2 accounts at a Bank, one personal and equal to 80,000 euro and one as a joint account with his spouse and equal to 120,000 euro (60,000 euro pertaining to each of the joint holders), he will have a credit equal to 140,000 euro (80,000 + 60,000), while his spouse will have a credit of 60,000 euro. In case of depositors’ reimbursement, Mr. Rossi will be reimbursed for 100,000 euro, while his spouse for 60,000 euro.


Clarifications


REIMBURSEMENT

16. When are depositors reimbursed?

The reimbursement of depositors occurs only in case of Compulsory Administrative Liquidation of a bank.

Banking law


17. How long does the reimbursement process take?

Depositors are reimbursed within 7 working days from the date on which the Compulsory Administrative Liquidation of the bank started.

18. What should be done to obtain the reimbursement of deposits in the event of a liquidation of a bank?

Depositors do not need to make any formal request for reimbursement. FITD directly takes over the reimbursement process.

19. How does FITD reimburse deposits?

Reimbursement is done directly by FITD through an Agent bank and its branches. Depositors can go to any of the branches of the Agent bank and receive their money via: i) bank transfer to a current account (different from that held with the liquidated bank); ii) bankers’ drafts; iii) cash withdrawal.

FITD will ensure to provide depositors with all necessary information and clarifications on its website.

Clarifications

20. What documents are needed for the reimbursement process?

In order to obtain reimbursement depositors must present a valid ID card, passport, or driver’s license and a health insurance card with their fiscal code number (tessera sanitaria).

In the case of companies, the legal representative must also present the Chamber of Commerce registration.

19. Is it possible to delegate someone for the reimbursement process?

It is possible to delegate a trusted person. They must possess a written delegation authorization (proxy) and a valid identification document of the delegator.

22. Are there any charges for the reimbursement process in case of a bank’s liquidation?

No, FITD ensures the protection of deposits at no additional costs for the depositors.

23. Are interests accrued on the deposit included in the amount reimbursed?

Yes, the maximum level of 100,000 euro includes any interest accrued by the date on which the effects of the administrative compulsory liquidation come into force.

Ex. 1:
If a person has a balance account of 80,000 euro and at the administrative compulsory winding-date is entitled to interests for 5,000 euro, will be reimbursed of 85,000 euro.


24. In case of liquidation, what happens to deposits exceeding 100,000 euro?

Amounts exceeding the limit of coverage of 100,000 euro will not be reimbursed by FITD; the residual credit of the depositor is recorded in the bank's liabilities and may be later part of the recovery sharing in liquidation.

25. How are deposits in foreign currencies reimbursed?

FITD will make the reimbursement in euro or in the currency of the depositor’s home State.
If the account is not in euro but in a different currency, the applied exchange rate is that of the date on which the Compulsory Administrative Liquidation comes into effect.

26. What are temporary high balances?

Temporary high balances are deposits exceeding 100,000 euro, for which the law provides enhanced protection, in consideration of the social needs associated with them.

The limit of 100,000 euro does not apply, in the nine months following the accreditation or when the amount becomes available, to deposits of natural persons resulting from: a) transactions relating to the transfer or establishment of rights on real estate units used for living purposes; b) divorce, retirement, termination of employment, disability or death; c) payment of insurance benefits, damages or indemnities, in relation to damages considered by law as crimes against the person or for unjust detention.

27. When can temporary high balances be reimbursed?

FITD reimburses temporary high balances in case of Compulsory Administrative Liquidation of the bank.

Depositors who wish to receive reimbursement of the part exceeding 100,000 euro, only in the cases provided for by the law, must submit a specific request to the liquidators of the bank within 60 days from the start of the liquidation procedure.

Upon receipt of the request, the liquidators will make the assessment and forward the request and relative documentation to FITD. FITD will inform depositors of its decision and proceed with the reimbursement process after 15 days from the communication notice.

Clarifications

28. Are “dormant accounts” also protected?

Directive 2014/49/UE on deposit guarantee systems classifies “dormant accounts” as those accounts where there has been no transaction relating to the deposit within the last 24 months before the beginning of the Compulsory Administrative Liquidation procedure.

The reimbursement of dormant accounts that fit this definition takes place within six months from this date.

Reimbursement will not be possible for accounts with less than 100 euro.


THE VOLUNTARY SCHEME

29. What is the Voluntary Scheme?

The Voluntary Scheme is an unincorporated association established inside the FITD, to which FITD member banks adhere on a voluntary basis.

Banche aderenti allo SVI

This is without prejudice to banks’ membership to FITD, which remains mandatory by law (see question 1).

30. What is the purpose of the Voluntary Scheme?

The Voluntary Scheme is an additional tool for the management of banking crises. It does not reimburse depositors.

Its objective is to supplement the tools available to FITD to prevent difficulties of the Scheme’s member banks, which may cause insolvency and negatively affect the stability and reputation of the system, undermining the confidence of depositors.

The discipline is contained in Title II of the Statute of the FITD.

Statute

The resources necessary to carry out the interventions are acquired by the Scheme independently and in addition to the contributions paid by the member banks to FITD; these resources are made available by the participating banks on "call".



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