I

Over the last thirty years deposit guarantee schemes have been established in the European environment as one of the essential elements to ensure the confidence of savers and depositors in the European Union as a whole. banking system. In Spain, the early creation in 1977 of the first Deposit Guarantee Funds in Bank Establishments and Savings Banks, to which it would later accompany the Credit Union, through a system of contributions Before or before, it was at the same time a symptom of the evolution of our financial system and a boost to its modernization, in a context of crucial social, political and economic changes in our recent history.

The subsequent reforms of that first guarantee system, carried out over three decades, are now understood, with due perspective, as singular milestones that have accompanied the progressive development, in complexity, capacity and volume, of our financial system. A first moment of revision of the system took place in the early 1980s, a few years after its creation, since although the funds were perceived as a valuable tool to deal with the problems of the banking system, it was found that the legal and economic complexity of the crisis of a banking establishment made it appropriate to extend the possibilities for action of the funds, so that their object was not simply to guarantee the deposits in the event of a suspension of payments or bankruptcy of an institution, but may alternatively contribute to the strengthening of solvency and the functioning of the entities, avoiding ultimately an eventual, and possibly more expensive, deposit payment.

Since that time, the Spanish deposit guarantee funds have maintained as a second identity sign-together with the ex ante contribution-their double objective or function: on the one hand, to guarantee deposits in money (and more (a) late also in securities) made up of credit institutions; and, on the other hand, to carry out those actions necessary to strengthen the solvency and the functioning of the institutions in difficulty, in defence of the interests of depositors and of the Fund itself. In short, this double function is identified with an immediate and eventual objective, the guarantee of the savings of the depositors, and a medium and permanent objective, the maintenance of the stability of the financial system of the country, through the confidence of the depositors. After the role played to the benefit of financial stability in the banking crisis of the late 1970s and early 1980s, the double function of the funds will consolidate them as an indispensable element of security for the economy. our financial institutions, together with regulation and financial supervision.

A second or rather stage of review of our deposit guarantee system took place from the mid-1990s, directly related to our participation in the European construction process. and, more specifically, with the financial integration considered essential for the completion of an internal market. Thus, the Royal Decree-Law 12/1995 and its implementing rules incorporated into the Spanish legal system the Community Directive 94 /19/EC on deposit guarantee schemes, the main milestone of which was the harmonisation of a minimum level of coverage. of the deposits-EUR 20,000-in the whole of the European Union. Much later, in 2009, that level will reach the current figure of EUR 100,000 as cover for minimum and maximum deposits for the 27 Member States of the European Union. It can be said, therefore, that in this second stage of revision of our guarantee system, the indispensable element of the European context appears: financial integration inexorably leads to the gradual integration of the security networks. system. In conclusion, in these more than thirty years of history of the Spanish deposit guarantee system, of its three characteristic features or identity signs, the first two, its double function of deposit guarantee and reinforcement of entities and its As a fund for ex ante endowment, they are strongly consolidated, while the third of them, their insertion into a pan-European safety net, appears as a necessary destination within a process of harmonization not yet finished.

II

With this historical background, the actual decree-law constitutes a third milestone in the review of the regulation of the Spanish deposit guarantee system. As the previous ones, this review is not alien to the context and evolution of our financial system, but, quite the contrary, takes place at the moment of the culmination of the most important financial restructuring of our history. democratic. After two years of structural reforms, whose cornerstones are the Royal Decree-Law 9/2009, of June 26, on bank restructuring and strengthening of the own resources of the credit institutions, the Royal Decree-Law 11/2010, of 9 of July, of governing bodies and other aspects of the legal regime of the Savings Banks and the Royal Decree-Law 2/2011, of February 18, for the strengthening of the financial system, we find ourselves before a culminating moment in which this real decree-law operates as an element of closure and guarantee of internal coherence of all the reforms.

Once the recapitalisation of the banking sector has been completed in accordance with the provisions of Royal Decree-Law 2/2011 of 18 February, for the strengthening of the financial system, and restructured the sub-sector of the banking savings, which in the last year have gone from 45 to 15 entities, increasing the average volume of assets of the entities from 28.504 million euros to 85,512 million and equating their governance structure to that of the banks listed through, fundamentally, of its legal transformation into cases of indirect exercise, the government considers It is essential to complete the reforms by adapting the Spanish system of deposit guarantee to the new reality of the sector.

Two are the main objectives of this Royal Decree-Law that comes to culminate the recapitalization and restructuring of the financial system maintaining the essential traits of it:

-The unification of the so far three deposit guarantee funds into a single Credit Entity Deposit Guarantee Fund, which maintains the functions and features characteristic of the three funds to which replaces.

-The updating and strengthening of the second function of the system: the strengthening of the solvency and functioning of the institutions, also known as a function of resolution, in order to guarantee the flexible performance of the New Unified Fund.

Both objectives contribute to the essential principle that both international financial institutions and the government of the nation have placed themselves on the basis of public intervention in the face of the financial crisis: Financial sector which assumes the costs incurred in its consolidation and recapitalisation, in order to ensure that the reform package does not entail costs for the public purse, in short, for the taxpayer.

III

The actual decree-law consists of three titles, divided into thirteen articles, one derogating provision, four transitional provisions, and three final provisions.

Title I covers as general provisions the defining elements of the new fund, elements that replicate in the fundamental way those foreseen to date for the three extinct funds: it is fundamentally the own rule for the creation and subrogation of the Fund in the legal position of the dissolved funds, the nature and the legal system of private law and the rules on wealth and governance, through the Management Committee of the Fund made up of representatives of the institutions and the Banco de España.

For their part, Titles II and III are dedicated respectively to the development of the two functions of the Fund: the guarantee of deposits and the actions to strengthen the solvency and the consolidation of entities. It is, on the one hand, to bring greater legal certainty to legislation on sensitive matters that has been dispersed so far in a plurality of rules; on the other hand, it is a question of increasing the capacity and flexibility of the Action by the Fund on the strengthening of the capital of institutions in such a way that it is the sector itself that is in a position to support the end of the process from the greatest efficiency.

Finally, the final provisions provide for the express repeal of a comprehensive set of regulatory standards for guarantee funds to date, in order to achieve a higher degree of legal certainty. For its part, the transitional arrangements are aimed at ensuring a simple and orderly transit of the previous system based on three sectoral funds to the new Single Fund, temporarily regulating the composition of the management and the the system of contributions to the establishment of a system based on the risk profile of each institution in the European Union as a whole. In addition, the validity of Royal Decree 2606/1996 and the remaining rules of development are explicitly stated in what is not contrary to the actual decree-law.

The adoption of the measures envisaged in this Royal Decree-Law is essential to strengthen confidence in our financial system and to complete its recapitalisation and restructuring process. Indeed, the implementation of Royal Decree-Law No 2/2011 of 18 February 2011 for the strengthening of the financial system has reached its almost full development, so that it is right now when the financial system is timely and unpostponed. reordering of the deposit guarantee scheme in order to activate all available financial resources. In addition, the special sensitivity of the matter makes it necessary to avoid any uncertainty arising from the process of modification of the regulations as it occurred on previous occasions in which the systems of deposit guarantee were reformed, in the years 1980, 1982 and 1995, respectively. 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 14 October 2011, I have:

TITLE I

General provisions

Article 1. Object.

This royal decree-law aims to create the Credit Entities Deposit Insurance Fund.

Article 2. Creation of the Credit Entities Deposit Insurance Fund.

1. The Credit Entities Deposit Guarantee Fund, hereinafter the Fund, is created in order to guarantee deposits in credit institutions up to the limit provided for in this royal decree. The Fund shall also aim at the performance of measures to strengthen the solvency and functioning of an institution in difficulty, in the interests of depositors, the Fund itself and the system as a whole. credit institutions attached to it.

2. The Deposit Insurance Fund, the Deposit Insurance Fund in Banking Establishments and the Deposit Insurance Fund in Credit Unions, whose assets will be integrated into the Fund, are hereby declared dissolved. Guarantee of Deposit of Credit Entities as provided for in Article 6, subrogating the latter in all rights and obligations of those.

Article 3. Nature and legal status.

1. The Fund shall have its own legal personality, with full capacity for the development of its purposes, under private law and without being subject to the regulatory standards of public bodies and state commercial companies.

2. The Fund's tax regime shall be as follows:

(a) It shall be exempt from the Corporate Tax as provided for in Article 9.1.c) of the recast of the Companies Tax Act approved by Royal Decree-Law 4/2004 of 5 March 2004.

(b) It shall be exempt from any indirect taxes which may be incurred by reason of its constitution, its functioning and the acts or operations it carries out in the performance of its purposes, including those which may become due as a result of the dissolution of the three pre-existing funds, the integration of their assets into that of the Fund and the subrogation of the Fund in all its rights and obligations under the provisions of this royal decree. Similarly, the exemptions in force from the entry into force of this royal decree-law on transactions taxed by indirect taxes the amount of which is to be passed on to the Fund under the provisions of national law or community to regulate them.

Article 4. Functions.

It will be the functions of the Deposit Guarantee Fund and the strengthening of the solvency and functioning of credit institutions, as provided for in Titles II and III of this Royal Decree-Law and its development regulations.

The Fund shall carry out such functions in the interests of depositors, the Fund itself and the system as a whole consisting of credit institutions attached to it.

Article 5. Entities attached.

1. All Spanish credit institutions will be legally owned by the Credit Entities Deposit Insurance Fund provided for in this royal decree.

The obligation set out in the preceding paragraph shall not apply to the Financial Institutions of Credit, nor to the Institute of Official Credit.

2. Branches of foreign credit institutions operating in Spain shall be incorporated into the Fund in the cases and forms they are determined to regulate.

3. Credit institutions that do not properly make their contributions to the Credit Entities Deposit Guarantee Fund or fail to meet any of the obligations under the Fund, may be excluded from the Fund, once they have been the measures taken to ensure compliance have failed. The holder of the Ministry of Economy and Finance shall be competent to agree to the exclusion, on a proposal from the Bank of Spain and after a report from the Fund's Management Committee.

Article 6. Heritage.

1. The assets of the Deposit Guarantee Funds in Savings Banks, Bank Establishments and Credit Unions, will be integrated into the Deposit Guarantee Fund in Credit Entities with effect from the entry into force of this real estate. decree-law. The Fund shall be subrogated to all rights and obligations of dissolved funds.

2. The Fund shall, in accordance with the terms to be determined in accordance with the rules laid down in this Regulation, provide for annual contributions from the credit institutions incorporated in it, the amount of which shall be up to a maximum of 2 per thousand of the deposits to which the guarantee extends, in a function of the typology of credit institutions.

When the Fund's non-committed assets reach negative values, the Management Commission may agree, by a two-thirds majority of all its members, on the performance of branches among the entities attached. Those branches shall be distributed on the basis of the calculation of the contributions, and their total amount shall not exceed the amount necessary to eliminate that deficit.

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 per 100 of the deposits of the entities attached to it.

Article 7. Gestora Commission.

1. The Fund shall be governed and administered by a Management Committee composed of twelve members, six appointed by the Bank of Spain and six by the associations representing the credit institutions attached to the Fund, in accordance with the terms laid down regulentarily.

2. The representatives of the Banco de España will be appointed by its executive committee. One of them will be the Deputy Governor who will hold the Presidency of the Commission with a vote of quality in the event of a tie in the vote on the agreements to be adopted. Its vacancy, absence or illness shall be covered by appointment by its executive committee by one of the representatives of the Banco de España, who shall be replaced, in turn, by one of the alternate members.

The representatives of the attached entities will be appointed by the representative associations of the banks, two by the savings banks and two by the credit unions, in the expected terms. regulentarily.

Designated persons shall be persons of recognised commercial and professional repute and shall possess appropriate knowledge and experience for the performance of their duties. The criteria referred to in Article 2 of Royal Decree 1245/1995 of 14 July 1995 on the establishment of banks, cross-border activity and other matters relating to the legal framework of the European Union will be met in the determination of these conditions. Credit Entities.

By the same procedure two alternate representatives of the Banco de España and one for each of the designated entities will be appointed, which will replace the holders in case of vacancy, absence or illness. In the case of the representatives of the institutions, they shall also be replaced by an indication of the Chairman of the Management Committee of the Fund, where the Management Committee is to deal with matters directly affecting an institution or group of entities with whom it is related as an administrator, manager, employment contract, civil or commercial contract or any other relationship that could undermine the objectivity of its decisions, by determining its abstention.

3. The term of office of the members of the Gestora Commission shall be four years renewable.

4. The representatives of the credit institutions attached to the Fund shall cease to be responsible for the following

:

a) Expiration from the term of your command.

b) Renunciation.

(c) Separation agreed by the Gestora Commission for serious non-compliance with its obligations, permanent incapacity for the exercise of its function or lack of good repute.

The representatives of the Banco de España will cease, in addition to the same causes provided for in the previous paragraph, by agreement of its Executive Committee.

5. For the validity of the meetings of the Gestora Commission, the assistance of half of its members will be necessary. Its agreements shall be adopted by a majority of its members, with the member holding the chair of vote of quality.

However, a two-thirds majority shall be required to agree on the performance of the branches, as provided for in Article 6 (2), and for the measures provided for in Article 11.

6. The Gestora Commission shall establish its own rules of operation for the proper exercise of its functions.

TITLE II

Deposit Warranty Feature

Article 8. Deposit guarantee.

1. The Fund shall satisfy its holders of the amount of the deposits guaranteed in the terms laid down in regulation where one of the following events occurs:

(a) That the entity has been declared or is judicially requested for the declaration in the competition of creditors;

(b) That, having been defaulted on deposits, the Banco de España determines that the institution is unable to restore them immediately for reasons directly related to its financial situation. The Bank of Spain shall make such a determination as soon as possible and in any event must resolve within the maximum period to be determined by regulation, after having verified that the institution has failed to restore the deposits. expired and enforceable.

2. The Fund shall satisfy the holders of securities or other financial instruments entrusted to a credit institution with the amounts secured when any of the following events occur:

(a) That the credit institution has been declared or is judicially requested for the declaration of the tender of creditors, and such situations entail the suspension of the return of the securities or instruments However, the payment of these amounts shall not be paid if, within the time limit laid down for the purpose of initiating the payment, the said competition is lifted.

(b) That, having produced the non-return of the securities or financial instruments, the Banco de España determines that the credit institution is unable to restore them in the immediate future for reasons directly related to their financial situation. The Bank of Spain shall make such a determination as soon as possible and in any event shall decide on the provenance of the compensation within the maximum time limit to be determined by regulation.

3. All payments made by the Fund under the previous two paragraphs shall be made in euro either in cash or by other means of payment of general acceptance, with the values or other financial instruments in the form being valued for them. which is determined to be determined.

For the sake of payment, the Fund shall be subrogated to the rights of the creditor or investor corresponding to the amount paid, with sufficient title being the document in which the payment is made.

Where the securities or other financial instruments entrusted to the institution are restored by the institution after payment of an amount guaranteed in accordance with paragraph 2 of this Article, the Fund may resarcirse of the amount satisfied, in whole or in part, if the value of those to be returned is greater than the difference between the value of those entrusted to the institution and the amount paid to the investor, being entitled to this end, the amount resulting from it, in accordance with the procedure and criterion of attribution and valuation, regulentarily be set.

Article 9. Other guarantees.

The Fund shall indemnify investors who have entrusted to a credit institution attached to them funds, securities or other financial instruments, for their deposit and administration or for the performance of any service. In the case of the securities market, the securities market, in the cases provided for in the previous article, are considered to be the investment of those referred to in the Law 24/1988 of 28 July 1988. Such coverage shall have the form, time and scope to be determined by regulation.

Article 10. Amounts secured.

1. 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 corresponding exchange rates, in accordance with the terms laid down in this Article. regulentarily.

2. 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 in the intended terms regulentarily.

TITLE III

Role of strengthening the solvency and functioning of credit institutions

Article 11. Preventive and sanitation measures aimed at facilitating the viability of an entity.

1. Without prejudice to the provisions of the following Article, where the situation of a credit institution, in accordance with the information provided by the Bank of Spain, is such that it makes it foreseeable that the Fund is obliged to pay, in accordance with the The Fund may adopt preventive and reorganisation measures to facilitate the viability of the institution in order to overcome the crisis situation, in the framework of an action plan agreed by the institution and approved by the Bank of Spain.

2. Any action plan containing measures that require approval by the Board or General Assembly of the affected entity shall be considered conditional and shall not be executed until the agreements that make it possible are carried out.

In the meantime, if the situation of the institution so requires, the Fund may provide provisional aid, provided that it is duly guaranteed, in the opinion of the Management Committee.

3. When adopting these measures, the Fund shall take account of the financial cost of the measures in respect of the disbursements it would have had to make, at the time of the adoption of the plan, for the purpose of making the payment instead of the payment. of the amounts secured.

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, Bank restructuring and strengthening of the own resources of the credit institutions, the Management Committee of the Deposit Insurance Fund in Credit Entities may decide the dedication to the lost fund of the assets available to the credit institutions the financial institutions involved in the restructuring up to the loss limit 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 Fund may decide on the loss of the equity available to the financial institutions participating in the support operation up to the limit of the losses caused by such an 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.

Article 13. Content of the action plans.

1. The action plan for a crisis entity referred to in Article 11 above which provides for support from the Credit Entity Deposit Insurance Fund may include the following actions:

(a) Financial aid, which may consist of grants, guarantees, loans on favourable terms, subordinated financing, acquisition by the fund of damaged or unprofitable assets which appear to be on the entity's balance sheet and any other financial support.

(b) Restructuring of the institution's capital, which may include, among other measures, the proper application of the entity's own resources to absorb its losses, taking into account the uniqueness of each case; processes of merger or absorption with other entities of recognised solvency or the transfer of their business to another credit institution; subscription by the Capital Extension Fund, in accordance with the provisions set out in the following paragraphs; and the relevant bodies of the affected entity of all agreements to ensure the appropriate application of the aid provided by the Fund.

(c) Management measures that improve the organization and the systems of procedure and internal control of the entity.

2. The measures provided for in this Article shall be aimed at ensuring the viability of the institution within a reasonable time, in the judgment of the Fund, either by strengthening the assets and solvency of the Fund or by facilitating its merger or absorption by another of recognised solvency or the transfer of your business to another credit institution.

Single repeal provision.

As many rules of equal or lower rank are repealed, they are opposed to what is foreseen in this royal decree-law and in particular:

Royal Decree-Law 4/1980 of 28 March, giving legal personality to the Deposit Insurance Fund and other supplementary measures.

Royal Decree-Law 18/1982 of 24 September on guarantee funds for deposits in savings banks and credit unions.

Article 1 and paragraphs 1, with the exception of the fourth paragraph, and 6 of Article 2 of Royal Decree 2606/1996 of 20 December 1996 on the Deposit Insurance Fund of Credit Entities.

First transient disposition. The validity of certain rules.

Real Decree 2606/1996, of December 20, on the Deposit Guarantee Fund of Credit Entities, will remain in force in so far as it does not object to what is foreseen in the actual decree-law until the government approves the corresponding development rule for the same.

Also, the Order ECO/318/2002 of 14 February, Order ECO/2801/2003 of 3 October and Order EHA/3515/2009 of 29 December, remain in force.

The references to the dissolved funds provided for in the current legislation will be understood to be made to the new Fund and the references to the respective management commissions will be understood to be made to the new Fund Management Committee.

Second transient disposition. Scheme of contributions.

The system of contributions to the Credit Entities Deposit Guarantee Fund shall be that established in this royal decree and its implementing rules, until the time when the corresponding rules of the Union A new system of contributions based, in addition to the volume of deposits, is developed in the risk profile of each of the attached entities.

Transitional provision third. Designation of the members of the Management Committee.

The representatives of the credit institutions and the Banco de España in its Management Committee shall be appointed in accordance with the provisions of Article 7, within two months of the entry into force of this Royal Decree-law.

As long as no choice is made in the term of the new members of the Management Committee of the Deposit Insurance Fund of Credit Entities as provided for in this royal decree, the representatives of the the entities attached to it shall be those forming part of the commissions managing the three funds extinguished at the entry into force of this royal decree-law, together with 50% of the total votes of the Commission.

Likewise, the representatives of the Banco de España will be the ones that form part of the commissions for the three extinct funds, corresponding to 50% of the total votes.

Transitional disposition fourth. Processes in progress.

The provisions of Title III of this Royal Decree-Law shall apply to the processes of restructuring and strengthening of the own resources of credit institutions which are not concluded or which are likely to produce legal effects on the entry into force of the actual decree-law.

Final disposition first. Regulatory enablement.

The Government is empowered to dictate how many provisions are necessary for the development, execution and fulfillment of what is foreseen in this royal decree-law.

Final disposition second. Competitive 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 third. Entry into force.

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

Given in Madrid, on October 14, 2011.

JOHN CARLOS R.

The President of the Government,

JOSE LUIS RODRIGUEZ ZAPATERO