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Guarantee Fund for Depositors

The Fund is an asset with autonomous purpose, meaning it operates independently from the Central Bank and ensures, within the limits of its assets, the protection of depositors in the event of the compulsory liquidation of member banks (the so-called paybox). This protection can be supplemented by extraordinary contributions or external financing.

The Fund may also intervene to protect depositors, including in exceptional circumstances, through various measures directed at or impacting the depositary bank, aimed at:

  • facilitating the successful outcome of the extraordinary administration process;
  • simplifying the resolution procedure, which may help avoid bankruptcy;
  • accelerating the conclusion of the compulsory administration and liquidation process.

Such extraordinary interventions may be undertaken if they align with the "least burden" principle, in comparison to the possibility of directly reimbursing depositors in cases of compulsory liquidation.