For the Voluntary Scheme to be set up validly banks representing at least 95% of total covered deposits, as calculated by FITD on the latest available data, shall participate. If, after two years from its institution, that condition is not met or has not been restored within two months, the Scheme shall be dissolved by law. Participating banks may withdraw, having given a six month notice, having completed two years of membership.
The Voluntary Scheme has been set up with the participation of almost all member banks (91.5%) which represent 99.6% of covered deposits. 22 banks did not participate (6 of which do not have reimbursable funds) which account for 0.4% of covered deposits.
The Voluntary Scheme has its own governance bodies, which are: Annual meeting of participating banks, Executive Committee, President of FITD, Director General of FITD, College of Auditors of FITD.
The Executive Committee is comprised on the basis of nominations by the Participating Banks and consists of 10 Councillors, plus the President of FITD and the President of the Italian Banking Association who are members by law.
Bodies of the Voluntary Scheme
The Voluntary Scheme is a further instrument for the resolution of banking crises. Decisions on single interventions to make use of the financial resources of the Scheme are binding on the participating banks.
The Voluntary Scheme can initiate interventions in support of participating banks in special administration or failing or likely to fail, in accordance with the specific conditions provided for in the regulations, as well as interventions for the transfer of assets and liabilities initiated in the event of compulsory administrative liquidation.
The Voluntary Scheme has its own financial resources, set at the maximum of 300 million euro, which the participating banks are commited to supply at call to carry out interventions.
If exhausted, the financial resources of the Voluntary Scheme can be replenished through a decision of a Board Meeting. Banks not in agreement will have the right to withdraw, becoming effective in the fifteen days following the date of the Board Meeting that had decided on replenishing the full commitment, without prejudice to the rights and duties arising from the participation incurring up to the moment of withdrawal.