THE ROYAL DECREE-LAW FOUR-THOUSAND NINE HUNDRED AND EIGHTY-EIGHT OF MARCH, PROVIDED LEGAL PERSONALITY TO THE DEPOSIT GUARANTEE FUND IN BANKING ESTABLISHMENTS, WHOSE RULES OF OPERATION WERE COMPLETED BY ROYAL DECREE 567/1980, OF MARCH 28

ON THE OTHER HAND, BY ROYAL DECREE THREE THOUSAND FORTY AND SEVEN HUNDRED AND SEVENTY-SEVEN, THE DEPOSIT GUARANTEE FUND WAS CREATED IN SAVINGS BANKS, WHICH WAS PERFECTED AND EXPANDED BY ROYAL DECREE TWO THOUSAND EIGHT HUNDRED AND ONE HUNDRED THOUSAND NINE HUNDRED EIGHTY, OF FOUR DECEMBER

THE EXPERIENCE ACQUIRED BY THE APPLICATION OF THE ABOVE MENTIONED RULES, WHICH HAVE ENABLED THE PROBLEMS OF PATRIMONIAL RESTRUCTURING IN SEVERAL BANKING INSTITUTIONS TO BE DEALT WITH WITH AGILITY AND REALISM, ADVISE THE COMPLETION OF THESE RULES FOR THE PURPOSE. IT IS ESSENTIAL TO COMPLETE THE CONSOLIDATION OF THE FINANCIAL SYSTEM, THUS MARKING THE NECESSARY DIFFERENTIATION WITH THE SITUATIONS OF PATRIMONIAL NORMALITY THAT ARE IN THE MAJORITY OF THE ENTITIES OF THE SECTOR

AS THE CREATION OF THE DEPOSIT GUARANTEE FUND IN BANKING ESTABLISHMENTS HAS COINCIDED IN TIME WITH THE ONSET OF THE CRISIS OF SEVERAL BANKING INSTITUTIONS, IT HAS NOT BEEN POSSIBLE THAT THE BANK COULD HAVE FORMED SUFFICIENT RESERVES TO MEET THE ITS FUNCTION OF SECURING DEPOSITS AND STRENGTHENING BANKS IN CRISIS. IN THE COUNTRIES WHICH HAVE BEEN ESTABLISHED FOR MANY YEARS THE FIGURE OF DEPOSIT INSURANCE HAS BEEN FORMED THE NECESSARY RESERVES THROUGH THE ACCUMULATION OF SUCCESSIVE ANNUITIES; IN THE ABSENCE OF THIS ASSUMPTION IN OUR SYSTEM, IT IS NECESSARY THAT THE NECESSARY FINANCIAL MEANS ARE OBTAINED THROUGH THE ADVANCE OF FUTURE ANNUITIES. FOR THIS REASON, THE POSSIBILITY OF GRANTING ADVANCES BY THE BANK OF SPAIN IS EXTENDED, WITHOUT PREJUDICE TO THOSE WHO MAY ALSO BE ABLE TO CARRY OUT THE INTEGRATED BANKS IN THE FUND FROM THEIR FUTURE ANNUITIES.

FURTHERMORE, IT IS CONSIDERED NECESSARY TO RAISE THE CEILING ON DEPOSITS PROTECTED IN BOTH GUARANTEE FUNDS, AS AN INCENTIVE FOR SAVERS AND TO MOVE CLOSER TO THE LIMITS CURRENTLY IN FORCE IN OTHER COUNTRIES.

IN ITS VIRTUE ON THE PROPOSAL OF THE MINISTER OF ECONOMY AND TRADE AND AFTER DELIBERATION OF THE COUNCIL OF MINISTERS AT ITS MEETING OF THE THIRTEENTH OF JULY OF A THOUSAND NINE HUNDRED AND EIGHTY ONE, I HAVE:

ARTICLE 1. FROM THE ENTRY INTO FORCE OF THIS ROYAL DECREE, THE RULES CONTAINED IN ROYAL DECREE FIVE HUNDRED AND SIXTY AND SEVEN HUNDRED AND EIGHTY, OF TWENTY-EIGHT MARCH, CONCERNING THE REGIME OF OPERATION OF THE DEPOSIT GUARANTEE FUND IN BANKING ESTABLISHMENTS IN THE FOLLOWING TERMS:

ONE. THE ARTICLE SECOND, FIVE, IS WORDED AS FOLLOWS:

TWO. PARAGRAPH ONE OF ARTICLE FOUR IS WORDED AS FOLLOWS:

THREE.-THE FOLLOWING PARAGRAPH SHALL BE ADDED TO THE FIFTH ARTICLE:

FOUR. THE SIXTH ARTICLE, THREE, IS WORDED AS FOLLOWS:

ARTICLE 2.-THE RULES CONTAINED IN THE ROYAL DECREE TWO THOUSAND EIGHT HUNDRED AND EIGHTY-ONE THOUSAND NINE HUNDRED AND EIGHTY, OF FOUR DECEMBER, RELATING TO THE SYSTEM OF OPERATION OF THE DEPOSIT GUARANTEE FUND IN SAVINGS BANKS, ARE AMENDED FOLLOWING TERMS:

ONE. THE FIRST PARAGRAPH OF ARTICLE 3 SHALL BE WORDED AS FOLLOWS:

" THIRD. THE DEPOSIT GUARANTEE WILL HAVE THE LIMIT OF ONE MILLION FIVE HUNDRED THOUSAND PESETAS PER DEPOSITOR, WHETHER NATURAL OR LEGAL PERSON AND WHATEVER THE NUMBER AND CLASS OF DEPOSITS IN WHICH YOU ARE LISTED AS HOLDER IN THE SAME SAVINGS BANK. THIS LIMIT SHALL ALSO APPLY TO DEPOSITORS HOLDING THE LARGEST AMOUNT OF DEPOSITS "

TWO. THE FOLLOWING PARAGRAPH SHALL BE ADDED TO THE END OF ARTICLE 8:

"IT WILL ALSO LEAD TO THE EXPULSION OF THE FUND FROM THE FAILURE TO COMPLY WITH ANY OF THE OBLIGATIONS LAID DOWN IN THIS ROYAL DECREE FOR SAVINGS BANKS INTEGRATED INTO THE FUND."

ARTICLE 3. THE PRESENT ROYAL DECREE SHALL ENTER INTO FORCE ON THE DAY FOLLOWING ITS PUBLICATION IN THE "OFFICIAL STATE BULLETIN"

GIVEN IN MADRID ON 13 JULY OF A THOUSAND NINE HUNDRED AND EIGHTY-ONE. -JUAN CARLOS R.-THE MINISTER OF ECONOMY AND COMMERCE, JUAN ANTONIO GARCÍA TEN