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 Operation of the Deposit Insurance

Once an intervention or liquidation of a FSD member has been announced, the Superintendency shall make sure that within a term of sixty (60) days, a list of persons covered is prepared and remitted to the Fund, with an indication of the amount of their rights, breaking down principal and interest amounts.

Deposits made in foreign currency are also covered by the FSD. Payment however, is made in Local currency. In the case of joint accounts, the total amount of the deposit is distributed among account holders, with each receiving, individually, the amount of coverage allotted .

Any depositors not collecting the corresponding coverage within ten (10) years counted as from the date when payment was initiated shall lose their right over such coverage, and the deposits, according to General Law, shall form part of the resources of the Fund.

In December 1998, Law No. 27008 increased the maximum amount of coverage that the FSD provides per depositor, including interest. This amount is updated on a quarterly basis according to the Wholesale Price Index..

This amount is for all insured deposits that a depositor has in the same financial entity. When deposits are held in different branches of the same institution, said deposits are not insured independently.

The uncovered portion of deposits made by insured persons of a Fund member shall become credits to be accounted for the purposes of liquidation, in accordance with the priority order established in the General Law.

In order to facilitate the identification, by the depositors, the institution were the savings are insured, In their advertisement, the institutions must be indicated if the belong to the FSD or not.

FSD members shall give to their clients all the information related to the deposit insurance and placed in a visible place the changes to the maximum coverage amount provide by FSD.