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Real Decree-Law 19 / 2011, Of 2 Of December, By Which Is Modifies The Real Decree-Law 16 / 2011, From 14 Of October, By Which Is Creates The Fund Of Guarantee Of Deposits Of Entities Of Credit.

Original Language Title: Real Decreto-ley 19/2011, de 2 de diciembre, por el que se modifica el Real Decreto-ley 16/2011, de 14 de octubre, por el que se crea el Fondo de Garantía de Depósitos de Entidades de Crédito.

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The Royal Decree-Law 16/2011 of 14 October establishing the Deposit Insurance Fund of Credit Entities carried out the largest reform of the regulation of the deposit guarantee system in Spain since its The Foundation has a dual objective aimed at completing the recapitalisation and restructuring of the financial system.

First, the reform faced the unification of the up to then three deposit guarantee funds in a single Credit Entity Deposit Guarantee Fund, maintaining the functions and characteristics of the three funds to which he replaced. Secondly, it addressed the updating and strengthening of the resolution function of the Unified Fund in order to ensure its flexible action in strengthening the solvency and functioning of the institutions. The essential principle on which this reform is based, the principle that both the international financial institutions and the government have placed at the heart of the intervention in the face of the financial crisis, is that the costs incurred by the restructuring of the financial sector is assumed by the sector itself, so that the costs of the private sector are not transferred to the public purse, i.e. the taxpayer, and this is without prejudice to the maintenance of stability and solvency. of the financial system.

This Royal Decree-law proceeds to complete and strengthen this reform of the system, revising the legally fixed ceiling for the annual contributions that the institutions must make to the fund, raising it from 2 to 3 per thousand. ensure that the Fund is given its maximum operational capacity. In addition, the express repeal of the ministerial orders is carried out which, according to the current regime, has established a short-term and potestative reduction of the contributions of the entities to 0.6, 0.8 and 1 per thousand, respectively, in function of the type of entity, an inheritance derived from the existence of the three previous guarantee funds. The result of both changes is the fixing, in a rule with a law range, of a ceiling of 3 per thousand contributions for guaranteed deposits and the establishment of a real contribution of 2 per thousand instead of the percentages previously indicated.

Second, the Royal Decree-Law aims at the clarification and technical improvement of the Royal Decree-Law 16/2011 at those extremes that could generate legal uncertainty. In particular, it clarifies and systematizes the set of resources for which the Fund can be nurtured for the full implementation of its tasks and also clarifies the support instruments that the Fund can use to deal with losses. on the restructuring of the banking sector resulting from the Royal Decree-Law 9/2009 of 26 June

This Royal Decree-Law is made up of a single article of amendment of the Royal Decree-Law 16/2011 of 14 October establishing the Deposit Insurance Fund of Credit Entities, divided into four sections.

The first paragraph gives new wording to Article 6.2 of Royal Decree-Law 16/2011 of 14 October, in order to clarify and systematize the set of resources to be nurtured by the Fund in order to reach the full performance of their duties. These resources are, first and foremost, the ordinary system of contributions, second, the rights to be claimed and, finally, the resources collected through any financial operation of the Fund's indebtedness. Further, it is expressly stressed that the Fund shall restore the sufficiency of its assets where it is insufficient for the performance of its tasks.

The second paragraph is aimed at raising the ceiling for annual contributions to be met by the institutions attached to the Fund, raising this ceiling to 3 per thousand. At the same time, the regulatory repeal provided for in the Royal Decree-Law entails the automatic increase of contributions to 2 per thousand, as set out in Article 3 of Royal Decree 2606/1996 of 20 December 1996 on Guarantee Fund Deposits of Credit Entities. Such regulatory repeal implies that the regime of diminishing the contributions of the entities established in such ministerial orders is left without effect.

Paragraph three is not intended but the maintenance of the prevailing majority regime for the adoption of decisions in the Fund by adapting the wording to the numbering changes derived from the previous paragraphs and clarifying it.

And finally, paragraph four clarifies the financial support instruments that the Fund can use through Article 12 of Royal Decree-Law 16/2011 of 14 October.

The adoption of the measures envisaged in this Royal Decree-Law and, in particular, both the increase of the legal limit of contributions, and the repeal of the ministerial orders to reduce them is essential. to strengthen confidence in our financial system and to complete the process of recapitalisation and restructuring of our financial system with the minimum cost for the public purse. The strengthening of the Fund in order to increase its available resources, both in financial terms and the powers at its disposal, is necessary. In addition, as has been the case in previous occasions for the reform of deposit guarantee schemes, the special sensitivity of the matter makes it necessary to avoid any uncertainty arising from the process of modification. of the rules. It is for all this that the adoption of such measures requires recourse to the Royal Decree-Law procedure, fulfilling the requirements of Article 86 of the Spanish Constitution in terms of its extraordinary and urgent need.

In its virtue, making use of the authorization contained in article 86 of the Spanish Constitution, on the proposal of the Vice President of the Government of Economic Affairs and Minister of Economy and Finance and prior deliberation of the Council of Ministers at its meeting on 2 December 2011,


Single Article. Modification of Royal Decree-Law 16/2011 of 14 October establishing the Credit Entities Deposit Insurance Fund.

Royal Decree-Law 16/2011 of 14 October, establishing the Credit Entities Deposit Insurance Fund, is amended as follows:

One. Article 6 (2) is worded as follows:

" 2. For the fulfilment of its tasks, the Fund shall be provided with the following resources:

(a) The annual contributions provided for in the following paragraph.

(b) The branches to be made by the Fund between the entities attached to it, distributed according to the basis of calculation of the contributions.

(c) Resources collected in securities markets, loans or any other borrowing operations.

In any event, where the Fund's assets are insufficient for the development of its functions, the Fund shall carry out the necessary actions to restore its sufficiency. "

Two. A new paragraph 3 is added to Article 6, which is worded as follows:

" 3. The Fund shall, in accordance with the terms laid down in the rules, provide for annual contributions from the credit institutions incorporated in the Fund, the amount of which shall be up to 3 per thousand of the deposits to which the guarantee is extended, on the basis of the typology of credit institutions.

Contributions to the Fund shall be suspended where the non-committed equity fund in the Fund's own operations is equal to or exceeds 1% of the deposits of the entities attached to it. "

Three. The second subparagraph of Article 7 (5) is worded as follows:

" However, a majority of two thirds shall be required to agree on the performance of the branches provided for in Article 6.2.b), and for the measures referred to in the framework of the action plans referred to in the Article 11. "

Four. Article 12 is worded as follows:

" Article 12. Measures to support the restructuring and strengthening of the own resources of an entity.

1. In the event of the orderly restructuring of a credit institution carried out within the corresponding plan approved by the Banco de España in the cases provided for in Article 7.1 of the Royal Decree-Law 9/2009 of 26 June 2009, the bank restructuring and strengthening of the own resources of the credit institutions, the Management Committee of the Deposit Insurance Fund in Credit Entities may execute any of the actions provided for in Article 13.1 in of the financial institutions involved in the restructuring up to the limit of the losses caused by such an operation.

Similarly, in the event of financial support measures being taken for the strengthening of a credit institution's own resources under Article 9 of Royal Decree-Law 9/2009 of 26 June 2009, the Management Committee of the Deposit Insurance Fund in Credit Entities may execute any of the actions provided for in Article 13.1 in favour of the financial institutions participating in the operation up to the limit of the losses caused by such operation.

2. The Management Committee may agree to the provisions of the previous paragraph taking into account the benefit of the set of the attached institutions and provided that the cost estimate is lower than the disbursements it would have incurred. to make, at the time of the adoption of the plan, to make the payment of the guaranteed amounts instead of the plan. "

Single Repeal Disposition. Regulatory Repeal.

As many rules of the same or lower rank are repealed as foreseen in this Royal Decree-Law, and in particular, Order ECO/318/2002 of 14 February, Order ECO/2801/2003 of 3 October and the Order EHA/3515/2009, dated 29 December.

Final Disposition first. Competential titles.

The present royal decree-law is dictated by the provisions of the rules 6. ª, 11. and 13. of article 149.1 of the Spanish Constitution, which attributes to the State the jurisdiction over mercantile legislation, bases of the ordination of the credit, banking and insurance and bases and coordination of the overall planning of the economic activity, respectively.

Final Disposition second. Entry into effect.

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

Given in Madrid, on December 2, 2011.


The President of the Government,