Regulatory Alerts2012-02-01
Regulation No. 01-09 Establishing the Central African Deposit Guarantee Fund
The Central African Banking Commission (COBAC) issued Regulation No. 01/09 to establish the Central African Deposit Guarantee Fund (FOGADAC) as a sub-regional public entity with legal personality and financial autonomy. The Fund mandates mandatory coverage for all CEMAC credit institutions, guaranteeing up to 5 million F.CFA per beneficiary and institution for eligible CFA-denominated deposits while explicitly excluding state entities, affiliated institutions, preferential depositors, and funds subject to fraud or money laundering convictions. FOGADAC operates through a Management Committee and Permanent Secretariat, funded by institutional contributions and investment income, with statutory powers to provide preventive assistance, recover paid sums via subrogation and liability actions, and enforce regulatory sanctions.