Key Benefits:
Public concerned: Deposit and Resolution Guarantee Fund, Depositors, Credit Institutions.
Purpose: Implementation of the Deposit Guarantee, the Compensation Ceiling and the Application Terms and ConditionsArticle L. 312-4-1 of the Monetary and Financial Code, taken in application of 1°, 2° and 10° of article L. 312-16 of the same code.
Entry into force: the text comes into force on the day after publication.
Notice: The order transposes various provisions of Directive 2014/49/EU of 16 April 2014 on deposit guarantee systems. It specifies in particular, in application of 1° and 2° of Article L. 312-16 of the monetary and financial code, the conditions and deadlines for the implementation of the deposit guarantee and the calculation of the depositors' compensation limits.
References: the provisions of this Order are available on the website Légifrance (http://www.legifrance.gouv.fr).
Minister of Finance and Public Accounts,
Having regard to Directive 2014/49/EU of the European Parliament and the Council of 16 April 2014 on deposit guarantee systems;
Vu le monetary and financial codearticles L. 312-4 to L. 312-16;
Considering the advice of the Advisory Committee on Financial Legislation and Regulation dated 26 October 2015;
Considering the advice of the National Standards Assessment Board dated 13 October 2015;
In the light of the opinion of the Chairman of the Deposit Guarantee and Resolution Fund Board of 23 October 2015,
Stop it!
Scope of application.
I. - This Order applies to credit institutions with their headquarters:
1° In Metropolitan France;
2° In overseas departments and regions as well as in Saint-Pierre-et-Miquelon, Saint-Barthélemy and Saint-Martin;
3° In the Principality of Monaco, for deposits in their books on these same territories, as well as in their branches established in the territory of the French Republic, in the territory of the Principality of Monaco and, where applicable, in the other Member States of the European Union or in the States parties to the agreement on the European Economic Area.
II. - It also applies to credit institutions with their headquarters:
1° In French Polynesia;
2° In New Caledonia;
3° In the Wallis and Futuna Islands, for deposits in their books on these same territories, as well as in their branches established in the territory of the French Republic or in the territory of the Principality of Monaco.
III. - It also applies to credit establishment branches referred to in first paragraph of Article L. 511-10 of the monetary and financial code which are approved in France and whose deposits do not benefit from protection equivalent to that resulting from articles L. 312-4 to L. 312-18 of the same code and the texts taken for their application.
The Supervisory Board of the Autorité de contrôle prudentiel et de résolution publishes the list of branches concerned.
Deposits entering the warranty field.
Deposits entering the scope of the warranty established by theArticle L. 312-4-1 of the Monetary and Financial Code are made up of all amounts, denominated in euros, in CFP francs or in the currency of another State, left in account with a credit institution that adheres to the Deposit and Resolution Guarantee Fund and that it must return under the applicable legislative, regulatory or contractual provisions.
The deposits mentioned in the first paragraph include:
1° Current accounts;
2° Accounts of deposits in view and in term;
3° Savings accounts and plans, on book or not;
4° Deposits made on the cash accounts of equity savings plans, retirement savings plans, wage savings plans, or equivalents open to a credit institution;
5° Deposits benefiting from the State guarantee instituted by theArticle 120 of Act No. 2008-1443 of 30 December 2008 for 2008 on Booklets A, Sustainable Development Booklets and People's Savings Book Accounts;
6° The amounts due in representation of means of payment issued by the adhering credit institution, whose beneficiary is identified;
7° The amounts shown on a client's account for a credit granted by the adhering establishment;
8° The amounts shown on a client's account for a consolidation, discount or equivalent transaction on a receivable or title presented by the client to the adhering establishment;
9° Any banking product similar to those listed above.
The deposits left in pledges or guarantees of an undertaking contracted with the subscriber credit institution as well as deposits made in collateral or in the coverage of positions taken on a financial instrument market, when these deposits are related to an investment service, to the compensation or preservation of financial instruments provided by the attached credit institution enter the scope of the free deposit guarantee and
Maintenance of the guarantee in case of withdrawal of approval or radiation.
Subject to provisions of Article L. 613-64-2 of the Monetary and Financial Code, the deposits held at the time of the effective date of the withdrawal of the licence or the delisting of a credit institution remain covered by the Deposit and Resolution Guarantee Fund.
Deposits.
Recipients eligible for deposit guarantee are the nominal holders of the accounts concerned, subject to the exceptions set out in the following articles.
Legal and other beneficiaries.
I. - Amounts of which the nominal holder of an account is not entitled to receive the deposit guarantee and are subject to separate compensation within the limits mentioned in sections 7 to 9. The benefit of the guarantee is open as long as the person entitled is identified by the credit institution or could have been identified before the finding of the unavailability of the deposits.
If there are a number of right-holders, consideration shall be given to each of them, in accordance with the provisions governing the management of the amounts on that account; amounts returned to each of the eligible persons are subject to separate compensation within the limits mentioned in sections 7 to 9.
Constitutes persons entitled to the purposes of this article in the following accounts:
1° The accounts opened by another credit institution, by an investment company, by a financing company or an electronic payment and currency institution, in particular the cantonment accounts, to deposit exclusively the funds belonging to their customers;
2° Accounts opened by professionals authorized by a legislative or regulatory text to hold funds for their own clients with a view to returning them to a third party, provided these accounts are exclusively reserved for this purpose;
3° The ubiquitous or sub-item accounts opened by the credit institution itself to hold funds belonging to several identified individuals for specific use.
II. - When a depositor's creditor, with an enforceable title, has engaged in the seizure and attribution of his or her receivable and has effect within the meaning of theArticle L. 211-2 of the Civil Enforcement Procedures Code, or has notified the notice to third-party holders or any similar act in the hands of the credit institution adhered to before the date of the finding of unavailability of the deposits, but has not been paid by that institution before that date, it receives an amount equal to the amount of its receivable within the limit, for each applicant, of the difference between the ceiling set out in section 7 and the compensation paid.
The debt held by the subrogating creditor is transferred to the Deposits and Resolution Guarantee Fund up to the amounts paid by the subrogating creditor. The Deposit and Resolution Guarantee Fund is subrogated up to these amounts in respect of liquidation under theArticle L. 312-6 of the monetary and financial code.
III. - The guarantee of deposits shall be granted to persons entitled to and other beneficiaries defined in this article irrespective of their legal nature and status.
Special cases.
I. - The deposits on which at least two persons have rights in their capacity as an indivisary, as a member of a corporation, as a member of an association or any similar group not with a legal personality are grouped and treated as having been made by a single applicant distinct from the indivisaries or associates and are subject to separate compensation within the limits mentioned in sections 7 to 9.
II. - The deposits belonging to an individual contractor with limited liability (EIRL), constituted to allocate the funds and assets of his or her professional activity, are grouped and treated as having been made by a single depositor separate from the other deposits of that person and are subject to separate compensation within the limits mentioned in Articles 7 to 9.
III. - The attached accounts shall be divided between the equal portions of the joint holders, except as provided for in the contract for another distribution key, for the calculation of the cumulative amount referred to in section 8 to each of the co-holders.
IV. - Unless contractually otherwise stipulated, the accounts dismembered in the nue-property and usufruct are compensated in the hands of the usufruct, regardless of its own rights within the limits mentioned in Articles 7 to 9.
V. - A trust or other equivalent arrangement is considered to be an autonomous applicant, regardless of the legal nature and status of the trustee, grantor and beneficiary.
A common law.
The ceiling of compensation by depositor is 100,000 euros.
This limit applies to the cumulative amount of accounts payable from the same depositor to the same credit institution, regardless of their number and location in the field defined in section 1.
The ceiling for the compensation of the client depositors of the credit institutions located in a territory whose currency is the PSC franc is equal to the PSC counter-value of the amount mentioned in the first paragraph, obtained by applying the parity defined in the PSC francArticle D. 712-1 of the Monetary and Financial Code effective on the date of declaration of unavailability of deposits.
For the calculation of the above-mentioned ceiling, booklets A, sustainable development booklets and the accounts on popular savings booklets of the same applicant are not taken into account. These booklets and accounts are subject to separate compensation within the limit of a clean ceiling of 100,000 euros.
Calculation of cumulative amount.
Accounts with a debtor balance are not included in the calculation of the cumulative amount referred to in section 7, except as provided for by law or contract with accounts payable.
For the calculation of this amount, the share of the depositor on the attached accounts is added to the deposits and accounts owned by the depositor.
Foreign currency deposits other than the euro are converted to euros on the unavailability date, applying the exchange rate published by the European Central Bank for the same date.
For the calculation, all current transactions, received or issued by the credit institution whose deposits have been declared unavailable, may be charged by the credit institution on the date of unavailability in accordance with the applicable rules, shall be charged to the debit or credit of the accounts of the clients.
For the calculation, there is also the following:
1° Deduct the deferred debits related to a payment card attached to an account entering the security field and that would not have been charged to that account at the date of recognition of the unavailability of the deposits;
2° To impute the agios obligors relating to an account entering the security field, which were arrested on the date of the finding of the unavailability of the deposits and would be due by the depositor;
3° To credit, where they are contractually due to the applicant, the interest accrued and accrued undue as well as other incomes due to accounts and deposits entering the scope of the guarantee, a net amount of tax and social levies in accordance with the laws and regulations in force and applicable contractual stipulations;
4° Deduct amounts attributed to a creditor in accordance with Article 5 II, if not previously.
Temporary exceptional deposits.
Any amount constituting an exceptional and temporary deposit shall be entitled to an increase in the warranty cap within the limit of 500,000 euros, for three months from the date on which it was credited to an account entering the deposit guarantee field.
The amounts from:
1° The sale of a property belonging to the applicant;
2° From the capital repair of damage suffered by the applicant, regardless of the nature of the damage, the conditions under which the amount was fixed, and the verse;
3° A capital payment of a retirement benefit, a succession, a legacy, a donation;
4° A compensatory benefit or transactional or contractual compensation following the termination of a work contract.
By derogation from the first paragraph, where the amounts concerned arise from the payment of compensation for the capital repair of tangible damages, the limit of the guarantee shall be increased from the amount of these amounts.
The increase in the ceiling mentioned in the first paragraph applies to each of the amounts paid in the event of a plurality of events that are entitled to enhancement; in this case, the increases are cumulative.
Settlement currency.
I. - For credit institutions mentioned in Article 1 I, compensation is paid in euros.
However, the depositors of the branches of the establishments that are located in another State Party to the agreement on the European Economic Area whose currency is not the euro are compensated in the currency of that State, unless otherwise agreed with the guarantee mechanism of the deposits of that State through which this compensation is paid. In this case, the amount of compensation is converted into this currency during the day of the declaration of unavailability of deposits.
II. - Compensation for the depositors of the credit institutions referred to in Article 1 II shall be paid in CFP francs. Deposits in euros are converted to CFP francs according to the parity defined in theArticle D. 712-1 of the Monetary and Financial Code effective on the date of declaration of unavailability of deposits. For these same depositors, their deposits in foreign currency are converted to CFP francs according to the parity of this currency on the day of the declaration of unavailability of deposits.
Time and procedure.
I. - The credit institution whose deposits have been declared unavailable shall transmit to the Deposit and Resolution Guarantee Fund all information necessary for the calculation of compensation no later than two working days from the date of declaration of unavailability. The transmission is signed by a person exercising the effective direction of the credit institution within the meaning of theArticle L. 511-13 of the Monetary and Financial Code or, where applicable, by the provisional administrator, temporary administrator, special administrator or liquidator appointed by the Supervisory or Resolution College of the prudential and Resolution Authority.
The content and modalities of these transmissions are determined by the Deposit and Resolution Guarantee Fund.
This information includes specific information on accounts that have been classified as inactive accounts within the meaning ofArticle L. 312-19 of the Monetary and Financial Code.
II. - After transmitting to the Deposit and Resolution Guarantee Fund the information provided for in I, the credit institution whose deposits have been declared unavailable to its depositors, as soon as possible and no later than seven working days from the date of declaration of unavailability of deposits, the records of their accounts held on the same basis and in the same manner as those communicated to the Funds. These records include details of the operations described in section 8.
III. - Based on the information transmitted under I, the Deposit and Resolution Guarantee Fund is indemnifying deposits covered by the guarantee.
The Deposit and Resolution Guarantee Fund makes available compensation due to depositors for deposits covered by the warranty seven business days from the date on which the Supervisory Board of the prudential Supervisory Authority makes the finding of the unavailability of the deposits of the credit institution adhered to pursuant to the first paragraph of Article L. 312-5 of the monetary and financial code.
IV. - The Deposit and Resolution Guarantee Fund can implement compensation:
1° Either by sending a letter-chèque sent in recommended with request for a notice of receipt;
2° Either by transfer after the depositor has made known, on a website specially opened for this purpose by the Deposit and Resolution Guarantee Fund, the new bank account on which he wishes compensation to be paid. The required data and information are available to each applicant on this website. This site allows applicants to acknowledge receipt of this data and information on a certain date and authorize the implementation of the transfer.
When the fund is compensating pursuant to 2° and the applicant has not acknowledged receipt of the data and information made available to it within twenty working days of the finding of unavailability of the deposits, the Deposit Guarantee and Resolution Fund shall, as soon as possible, make the payment of the depositor by letter-cheque sent in recommended with a request for notice of receipt.
Where none of the deposits of a depositor were admitted under the deposit guarantee by the Deposit and Resolution Guarantee Fund, the depositor shall notify the depositor concerned, by registered letter with a request for notice of receipt or by any other means giving a certain date to the notice of the deposit within twenty working days after the finding of the unavailability of the deposits.
V. - The time limit referred to in the III relates to compensation that does not involve any particular treatment or additional information required to determine the amount of compensation or to identify the applicant. If a particular treatment or additional information is required, the fund shall inform the applicant within twenty business days after the date on which the deposits were declared unavailable that their compensation requires special treatment.
In this case, the payment of compensation shall, if any, be made within a period not exceeding twenty working days after the completion of the processing or receipt of the necessary information.
VI. - Compensation for the deposits referred to in Article 9, when it leads to the ceiling of the guarantee to an amount greater than 100,000 €, is made at the applicant's request. This application shall be submitted within two months from the date of receipt of the letter-cheque or the date on which it is acknowledged receipt on the website of notification information relating to compensation referred to in 2° of IV and accepted the establishment of the transfer; it is accompanied by the necessary supporting documents. Compensation for receivables is provided within the period mentioned in the preceding paragraph.
VII. - The period referred to in the III is not applicable to applicants whose deposits are held by a branch of the credit institution that has been the subject of the declaration of unavailability, which is located in another Member State of the European Union or part of the agreement on the European Economic Area. These depositors are compensated, under the responsibility of the Deposit and Resolution Guarantee Fund, through a deposit guarantee mechanism that has been established or recognized in that State, in accordance with the terms and conditions set out in the agreement between that mechanism and the fund.
VIII. - Payments to eligible persons defined in Article 5 I shall be paid to the nominal holder of the account on which the funds were shown. This consignment is accompanied by a summary of the sums returned to the dependants after application to each of them, if any, of the ceiling referred to in Article 7. This state also mentions amounts that have not been compensated by the fund.
IX. - The time limit referred to in III is not applicable to declared inactive accounts under I. These inactive accounts are subject to the procedure provided for in Article L. 312-21.
Notifications and information accompanying compensation.
I. - For the implementation of compensation under the conditions set out in Article 11 IV, the Depository and Resolution Guarantee Fund shall communicate to each applicant the following information in French:
1° The nature and amount of deposits admitted under the guarantee;
2° The amount of compensation paid;
3° The amount exceeding the warranty limit and which has not been compensated;
4° The amount corresponding to the deposits that are excluded from the scope of the warranty and were communicated to it by the credit institution that has been the subject of the declaration of unavailability.
5° The amounts attributed to a creditor under Article 5 II;
6° The amount of compensation paid under the last paragraph of Article 7 for the compensation of Booklets A, Sustainable Development Booklets and People's Savings Booklets;
7° In the event of a breach of the warranty limit, the disclosure of the rules applicable to compensation for exceptional and temporary deposits referred to in Article 9 and the procedure for compensation for such deposits pursuant to the second paragraph of Article 11 VI;
8° The deadlines and remedies and statute of limitations referred to in articles 15 and 16.
This document also states that the amounts that have not been compensated by the Deposit and Resolution Guarantee Fund are a receivable on the credit institution whose deposits have been declared unavailable. It specifies the terms and conditions for the declaration of receivables that do not fall within the scope of the guarantee to the representative of the creditors or liquidator appointed by the commercial court.
II. - When compensation is made for a applicant by sending a registered letter with a request for notice of receipt, the information referred to in I is attached to the letter-cheque.
When compensation is made for a transferor under the conditions set out in 2° of IV of Article 11, the information referred to in I of this Article shall be communicated on the website created for that purpose. This site contains a mechanism to ensure that the applicant has taken note of the information referred to in I and to certify the date on which the information was received.
When a applicant does not receive any compensation, the information referred to in I is attached to the decision referred to in the last paragraph of Article 11.
III. - For the compensation of depositors whose deposits are held by a branch of the credit institution having been the subject of the declaration of unavailability located in another Member State of the European Union or a party to the agreement on the European Economic Area, the communication of the information is carried out through the mechanism for guaranteeing deposits of that State. The content of the information to be submitted to these applicants and the language in which the information is prepared is provided for in the agreement between this mechanism and the Deposit and Resolution Guarantee Fund.
In the absence of an agreement, the Depository and Resolution Guarantee Fund itself makes compensation for depositors under the conditions of common law.
For the compensation of the depositors of a credit institution established in France who directly operates in another Member State of the European Union without establishing a branch, the information referred to in I shall be communicated in the language chosen by the depositor at the opening of the account on the request of the depositor.
IV. - For the compensation of amounts returned to account holders, the information referred to in I shall be communicated to the nominal account holder. They are presented, if any, by entitled.
Additional information from the Deposit and Resolution Guarantee Fund.
In addition to the information referred to in Article 11, the credit institution whose deposits have been declared unavailable shall, as soon as possible, transmit to the Deposit and Resolution Guarantee Fund the additional information and documents necessary for the implementation of the special case compensation procedure and the processing of claims.
The content and modalities of these transmissions are determined by the Deposit and Resolution Guarantee Fund.
Reporting to the Deposit and Resolution Guarantee Fund by the adhering credit institutions.
Without prejudice to Article 11 I, credit institutions adhering to the deposit guarantee mechanism shall transmit to the Deposit and Resolution Guarantee Fund any information necessary to prepare and execute the mission that is assigned to it. The Deposit and Resolution Guarantee Fund determines the content and format of the information and the modalities of its transmission.
It prepares and disseminates the relevant procedures and conducts regular tests with its members.
The information transmitted to the Deposit and Resolution Guarantee Fund is signed by the actual managers of the institutions within the meaning of theArticle L. 511-13 of the Monetary and Financial Code or, where applicable, by one of the permanent agents designated by a director and having a jurisdiction and position in the establishment allowing him to engage in the quality of the information they transmit. Delegates must justify their delegation to the fund.
Appeal against decisions of the Deposit and Resolution Guarantee Fund.
Any challenge to the decision of the Deposit Guarantee and Resolution Fund relating to the compensation of the depositors of a credit institution whose deposits have been declared unavailable, before being brought before the administrative court, is preceded by a graceful appeal filed before the fund within two months.
This deadline is short:
1° From the date of receipt of the letter-chèque, the date on which it is accused of receiving on the website information relating to compensation referred to in 2° of IV of Article 11 and accepted the establishment of the transfer, or the date on which it is accused of receiving the notification of the decision referred to in the last paragraph of IV of Article 11;
2° If applicable, from the date on which the depositor is notified of the decision of the Deposit and Resolution Guarantee Fund for the Compensation of Deposits referred to in VI of the aforementioned article;
The deadline for litigation is short from the notification of the new decision of the fund.
Prescription.
Subject to the claims and remedies referred to in Article 15, pursuant to Article L. 312-5 V, any action against the Deposit and Resolution Guarantee Fund in relation to its intervention with an establishment whose deposits have been declared unavailable is prescribed by two years from the date of declaration of unavailability of the deposits. However, this period runs from the day the individual was aware of it if he proves that he ignored it so far.
Statement of claims.
As part of an open safeguard, recovery or liquidation procedure for a credit institution whose deposits have been declared unavailable, the Deposit and Resolution Guarantee Fund shall forward to the representative of the creditors or the liquidator the details by depositing claims compensated by him and those that have not been paid under this Order.
This transmission is a declaration of debt:
1° For the Depository and Resolution Guarantee Fund in respect of compensation paid by subrogation to the rights of depositors, including eligible beneficiaries or beneficiaries;
2° For depositors, including rights or beneficiaries in respect of amounts eligible for the guarantee but exceeding the amount of compensation paid to them.
Claims for deposits excluded from the deposit guarantee field are reported by their holders. The information referred to in I of Article 12 includes an indication in this direction and a description of the terms and conditions of declaration.
Transitional provision.
The two working days referred to in Article 11 I and the seven working days referred to in Article 11 II and III come into force as of June 1, 2016. Until that date, these deadlines remain fixed at five and twenty working days respectively.
Repeat.
The Regulation of the Committee on Banking and Financial Regulation No. 99-05 of 9 July 1999 concerning the guarantee of deposits and other funds received by credit institutions with their headquarters in France and in the Principality of Monaco is repealed.
Overseas application.
The provisions of this Order are applicable in New Caledonia, French Polynesia and the Wallis and Futuna Islands.
Publication.
The present order will be issued in the Official Journal of the French Republic.
Done on 27 October 2015.
For the Minister and by delegation:
The chief of duty,
C. Bavagnoli
