Faq (en)

MEMBERSHIP AND SUBJECTS GUARANTEED

1. Which banks are members of FITD?

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

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 with the exclusions provided for in Art. 30, paragraph 2 of FITD Statutes.

Statutes

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

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

4. Is Banco Posta a member of FITD?

No.

5. Are on-line banks members of 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. In such cases, the product is covered by FITD only if it is a deposit eligible for guarantee.


INTRUMENTS COVERED

6. Which instruments are protected by FITD?

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

Bearer deposits are not protected by FITD.

Bearer deposits are not protected by FITD.

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

These Instruments issued by the bank in compulsory administrative liquidation, are not included in the scope of protection offered by FITD.

8. Are prepaid cards considered as deposits?

No, because they do not qualify as deposits and, therefore, they are not covered by FITD.

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.

9. 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, they are handed back to the owner.

10. Are gold deposits guaranteed?

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


COVERAGE LEVEL

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

The level of coverage is 100,000 euro per depositor per institution, apart from membership to the same banking group.

12. 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 Bank A, one equal to 70,000 euro and one equal to 50,000 euro, he has a credit of 120,000 euro and, in case of liquidation of the bank, he will be reimbursed up to 100,000 euro only.

13. 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 taken into account when aggregating the deposits of the same depositor, as mentioned in question 12.


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 and the co-holders are 2. Each co-holder is entitled to 100,000 euro.

Ex. 3:
If Mr. Rossi has 2 accounts at Bank A, one personal and equal to 80,000 euros 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 Euros. In case of depositors’ reimbursement, Mr. Rossi will be reimbursed for 100,000 Euros, while his spouse for 60,000 Euros.


REIMBURSEMENT

14. When are depositors reimbursed?

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

15. How long does the reimbursement process take?

Depositors are reimbursed within 20 working days from the date on which the Compulsory Administrative Liquidation of the bank started; with the full implementation of the 2014/49/UE Directive, the term will be soon reduced to 7 working days.

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

The depositor does not have to make any request for reimbursement because the FITD deals with the reimbursement.

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

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 and at the administrative compulsory winding-date is entitled to interests for 5,000 Euros, will be reimbursed of 85,000 Euros.

18. In case of liquidation, what happens with money in a deposit beyond the guaranteed level of 100,000 euro?

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

19. If a depositor has an account with deposits in a foreign currency, how will it be reimbursed?

FITD will make the reimbursement in the deposit currency.



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