This royal decree is intended to supplement the transposition of Directive 2009 /14/EC of the European Parliament and of the Council of 11 March 2009 amending Directive 94 /19/EC on the deposit guarantee, as regards the level of coverage and the time limit for payment.

Directive 2009 /14/EC introduces a number of essential reforms in the regulation of European deposit guarantee schemes, such as: the promotion of cooperation between European systems, the increase of the obligations of the European information on credit institutions to depositors on the coverage of their deposits by foreign or domestic systems, the increase in the level of deposit cover, the reduction of the time limit for declaring by the competent authority the inability to make the payment and to make the payment by the guarantee system effective (a) deposits and, finally, the obligation of guarantee funds to carry out stress tests to assess their ability to deal with a possible crisis of an institution. These reforms respond to the need to build confidence in the financial system in a context of global financial crisis without distorting competition in the Single Market.

With Royal Decree 1642/2008 of 10 October fixing the guaranteed amounts referred to in Royal Decree 2606/1996 of 20 December 1996, of the Deposit Insurance Fund of Credit Entities, and the Royal Decree 948/2001 of 3 August 2001 on investor compensation schemes, the increase in the coverage required by Directive 2009 /14/EC was already carried out. Additionally, the investment guarantee fund's coverage was increased to maintain a homogeneous level of protection.

As stated in Royal Decree 1642/2008 of October 10, in this royal decree the level of protection of 100,000 euros is maintained for situations that could be triggered in the future. Therefore, the article first. Three and two. One has for the sole purpose to introduce directly into the articulated of Royal Decree 2606/1996 and of Royal Decree 948/2001 such level of coverage.

The rest of the article one of this royal decree completes the transposition of Directive 2009 /14/EC. Firstly, the reduction in the time available to declare by the Banco de España the inability of an entity to make the payment of its deposits and the deadline to make the payment for deposit guarantee funds cash is transferred. It also sets out the obligations of the deposit guarantee funds to carry out stress tests to assess their ability to deal with a possible crisis of an institution and to cooperate with the deposit guarantee schemes. other Member States. On the other hand, it provides for the obligation of credit institutions to make available to their clients the information relating to the operation of the deposit guarantee funds to which they are attached.

However, the occasion has been used to introduce a number of changes that are primarily intended to update the main deposit guarantee and investment regulations.

Thus, first, it has been specified that the surplus that the funds can dispose of, will be allocated to the estate without being able to be distributed among the attached entities. This seems to be deduced from the full reading of the legislation, but it was not explained.

The Royal Decree 2606/1996 has also been adapted to the terminological changes introduced by Law 22/2003, of July 9, Insolvency, so that the references to bankruptcy and suspensions of payments have been replaced by the the competition of creditors.

Third, the time limit for the payment of securities and financial instruments covered by the deposit guarantee funds or the investment guarantee fund is amended. With this royal decree, the three-month period will begin to count from the moment when the investor's creditor position is identified and calculated. This change is due to the need to provide a longer term for an operation that can be very complex.

Finally, in the second article. Two, in order to clarify the interpretation of the rule, it is stated that the investment guarantee fund will not cover investors who have a securities account with an entity. not covered by the Spanish fund even though it has in turn deposited its securities in an account of an entity covered by the fund.

In its virtue, on the proposal of the Minister of Economy and Finance, according to the Council of State and after deliberation of the Council of Ministers, at its meeting of May 14, 2010,

DISPONGO:

Article first. Amendment of Royal Decree 2606/1996 of 20 December 1996 on deposit guarantee funds in credit institutions.

Royal Decree 2606/1996 of 20 December 1996 on deposit guarantee funds in credit institutions is amended as follows:

One. Article 3 (3) is worded as follows:

" 3. The annual contributions of the entities under consideration shall be made to cover the needs arising from the functions allocated to the funds and shall be entered into the account designated by the relevant Management Committee, from the date of closure. for each financial year, in one or more disbursements, in the light of the needs of the fund and within the time limits set by the relevant Management Committee.

However, and without prejudice to the provisions of the following paragraph, the annual surplus and any other surplus in the assets of the funds on the amount necessary for the performance of their purposes shall remain in such a property without its distribution or return to the attached entities. '

Two. The eighth paragraph of Article 5.2 is worded as follows:

" Funds shall cooperate with the deposit guarantee schemes of other countries in order to organise, where appropriate, the payment of the amounts secured. To this end, they may establish the conventions and collaboration mechanisms they consider appropriate. "

Three. Article 5 (4) is worded as follows:

" 4. The entities assigned to the funds shall make available to their depositors and potential investors and potential investors, in all their offices and on their website in an easily understandable and accessible form, the information necessary to identify the deposit guarantee fund to which they belong. Such information shall in any event include its name, venue, telephone number, internet address and e-mail address, as well as the provisions applicable to it, specifying the amount and scope of the coverage offered.

In the case of deposits or securities that are not guaranteed under Article 4.4, they shall report to their depositors and investors.

If the depositor or investor so requests, you will also be informed of the necessary conditions for the payment of the guaranteed amount and the formalities required for payment.

They shall also make available to the public information on the characteristics of the fund and indication, where appropriate, of the coverage offered by foreign systems or funds. In particular, they shall specify the coverage regime for the deposit or securities registration assumptions in other financial institutions.

Without prejudice to the above paragraphs of this paragraph, institutions integrated into the funds may not use their membership in their advertising, but may include a mention to the fund. without adding any other data or information about the funds. "

Four. The first and second paragraphs of Article 7.1 are worded as follows:

" The guaranteed amount of deposits shall be limited to the amount of EUR 100,000 or, in the case of deposits nominated in another currency, its equivalent applying the exchange rates of the day on which one of the deposits occurs. facts referred to in Article 8.1 of this royal decree or the previous business day when it was a public holiday.

The amount guaranteed to investors who have entrusted the credit institution with securities or financial instruments shall be independent of the amount provided for in the preceding paragraph and shall amount to a maximum of EUR 100,000. "

Five. Article 8 is worded as follows:

" 1. The funds shall satisfy their holders the guaranteed amount of deposits when any of the following events occur:

(a) That the credit institution contest has been issued by declaring the contest.

(b) That, in the absence of the entity's contest as referred to in the preceding paragraph, and the default of deposits due and payable, the Banco de España determines that, in its opinion and for reasons This is the case, which is directly linked to the financial situation of the institution concerned, which is unable to restore them and does not seem to have any prospect of being able to do so in the immediate future. The Bank of Spain shall, in the interest of the fund managing the fund, resolve as soon as possible and, at the latest, within five working days of having first checked that the institution has failed to restore expired deposits and (a) to be enforceable, after having given the interested party a hearing, without interruption of the time limit.

2. The funds shall satisfy their holders the guaranteed amount of the financial securities and instruments that are eligible for coverage when any of the following events occur:

(a) That the credit institution's tender has been issued by order and that situation leads to the suspension of the return of the financial securities or instruments; however, the payment of those amounts shall not be made if, within the time limit for initiating the disbursement, the above suspension should be lifted.

b) That the Banco de España declares that the credit institution cannot, in the light of the facts of which the Banco de España itself has become aware and for reasons directly related to its financial situation, comply with the the obligations incurred by investors.

For the Banco de España to be able to make this declaration it will be necessary to produce the following circumstances:

(a) The investor would have asked the credit institution to return the securities and financial instruments it had entrusted to it and would not have obtained satisfaction within a maximum of twenty-one working days of that.

(b) The credit institution is not in the position provided for in paragraph 1 (a) of this Article.

c) That the credit institution be given a hearing.

3. Where the entity concerned is a branch of a credit institution with registered office in another State of the European Union, the declaration of non-compliance shall be adopted with the cooperation of the competent authority of that State. '

Six. Article 9.1 is worded as follows:

" 1. Without prejudice to the provisions of Article 4 (4) of this royal decree:

(a) The Funds shall satisfy duly substantiated claims within 20 working days of the date on which the Bank of Spain makes the determination referred to in paragraph 1 (b) of the the decision referred to in subparagraph (a) of paragraph 1 of this Article is given by the judicial authority.

The collection and transmission by credit institutions of the exact information on depositors and guaranteed deposits, which is necessary to verify claims, must be made within the time limit laid down in the previous paragraph.

When the Funds provide that they are unable to make payments within the prescribed period, they may request the Banco de España to grant an extension of no more than ten working days, indicating the reasons for the application. The Banco de España may authorise it when it appreciates exceptional reasons for the delay, such as the high number of depositors, the existence of accounts in other countries or the finding of extraordinary difficulties. technical or legal, to check the effective balance of the secured deposits or whether or not to satisfy the guaranteed amount.

(b) The funds shall also satisfy investors ' claims as soon as possible and, at the latest, three months after determining the investor's position and the amount of the investor's position.

When the funds provide that they cannot make the payments within the prescribed period, they may ask the Banco de España to grant an extension of no more than three months, indicating the reasons for the application. The Bank of Spain may authorise it when it appreciates exceptional reasons justifying the delay, such as the high number of investors, the existence of securities entrusted to the institution in other countries or the establishment of extraordinary, technical or legal difficulties to verify the effective balance of the securities secured or whether the guaranteed amount should be satisfied. '

Seven. Article 9.3 is worded as follows:

" 3. The funds shall not be eligible for the periods referred to in the preceding paragraphs in order to refuse the benefit of a guarantee to a depositor or investor who has not been able to assert his right in time. Amounts not satisfied, within the time limit laid down or their carryovers, shall be made available to the holders of the funds, without prejudice to their prescription in accordance with the law. However, if the claims to be made by the depositors or investors in execution of the guarantee were made after the satisfaction of the depositors or investors of any amount agreed upon in an eventual insolvency proceedings, the determination of the amount to be satisfied under the guarantee shall take into account the amount already received in the said procedure, in order to ensure that the depositors or investors do not gain an advantage or suffer economic detriment in the relationship to those who executed the warranty at an earlier time. "

Article 2. Amendment of Royal Decree 948/2001 of 3 August 2001 on investor compensation schemes.

One. Article 6 (1) is worded as follows:

" 1. The funds shall ensure that all investors receive the monetary value of their overall lending position against that undertaking, with the quantitative limit of EUR 100 000.

The expressed amount may be updated by the Minister of Economy and Finance prior to the report of the CNMV, in accordance with the current rules of the European Union. "

Two. Article 6 (5) is worded as follows:

" 5. Where account holders act as representatives or agents of third parties, provided that such a condition existed at the time of their opening and formalisation with the attached entity and that entity had taken place before any of the circumstances described in Article 5, the coverage of the fund shall apply to the beneficiaries of that fund, whether cash, securities or financial instruments, in the relevant part.

When acting as a representative or agent is an entity of the hedge excluded from the fund, for the purposes of this royal decree, the corresponding net global lending position shall be deemed to belong to that institution. entity and will not be covered by the fund. "

Three. Article 13.1 is worded as follows:

" 1. The funds shall satisfy investors ' claims as soon as possible and, at the latest, three months after the investor's position has been determined and their amount.

When the management companies of the funds provide that they cannot make the payments within the prescribed period, they may request the CNMV to grant an extension of no more than three months, indicating the reasons for the application. The CNMV may authorise it when it appreciates exceptional reasons for the delay. "

Single additional disposition. Proof of operation and information to the funds.

Deposit guarantee funds will carry out regular operational tests and, if appropriate, will be informed when the Banco de España discovers problems in a credit institution that may result in the intervention of the a deposit guarantee fund.

Single transient arrangement. Application of the level of coverage of deposit guarantee funds and investment guarantee schemes.

The guaranteed amount referred to in Articles 7.1 of Royal Decree 2606/1996 of 20 December 1996 on deposit guarantee funds in credit institutions and 6.1 of Royal Decree 948/2001 of 3 August 2001 on systems In the case of the Commission, the Court of State held that the Court held that the Court held that the Court held that the Court held that the Court held that the Court held that the Court held that the Court of 2008.

Single repeal provision. Regulatory repeal.

The Royal Decree 1642/2008 of 10 October, which establishes the guaranteed amounts referred to in Royal Decree 2606/1996 of 20 December 1996, of the Deposit Guarantee Fund of Credit Entities, is hereby repealed. Royal Decree 948/2001 of 3 August 2001 on investor compensation schemes, as well as how many rules of equal or lower rank are opposed to the provisions of this royal decree.

Final disposition first. Incorporation of European Union law.

This Royal Decree incorporates into Spanish law Directive 2009 /14/EC of the European Parliament and of the Council of 11 March 2009 amending Directive 94 /19/EC on deposit guarantee schemes, in For the level of coverage and the time limit for payment.

Final disposition second. Entry into force.

This royal decree will enter into force on the day following its publication in the "Official State Gazette".

Given in Barcelona, on May 14, 2010.

JOHN CARLOS R.

The Second Vice President of the Government and Minister of Economy and Finance,

ELENA SALGADO MENDEZ