Decision No. 088-03-2014 Establishing the Deposit Guarantee Fund in UMOA

The Governor of the Central Bank of West African States, Having regard to Article 22 of the Treaty of the West African Monetary Union dated January 20, 2007, Having regard to Article 60 of the Statutes of the Central Bank of West African States, annexed to the Treaty of the West African Monetary Union dated January 20, 2007, which form an integral part thereof, Having regard to Decision No. CM/UMOA/017/09/2012 dated September 28, 2012 of the Council of Ministers, authorizing the BCEAO to establish a deposit protection system for financial institutions in the West African Monetary Union (UMOA), named Deposit Guarantee Fund in UMOA, H E R E B Y D E C I D E S

Article 1
A Deposit Guarantee Fund in UMOA is hereby established, named FGD-UMOA.
The FGD-UMOA is a Community institution of an economic and financial nature, endowed with legal personality and financial autonomy.

Article 2
The FGD-UMOA's mission is to guarantee deposits held by clients of Credit Institutions and Decentralized Financial Systems, abbreviated "SFD", authorized in UMOA. To this end, it is particularly tasked with:

• compensating depositors, in the event of unavailability of their funds, within a limit defined by the UMOA Council of Ministers;
• collecting contributions from members and mobilizing all other resources necessary for the execution of its functions;
• managing the collected resources;
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  Tel. (221) 33 839 05 00 / Fax. (221) 33 823 93 35 www.bceao.int DECISION NO. 088-03-2014 ON THE ESTABLISHMENT OF THE DEPOSIT GUARANTEE FUND IN THE WEST AFRICAN MONETARY UNION

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• requesting reports from members;
• issuing circulars addressed to Credit Institutions and SFDs regarding the implementation or interpretation of provisions in the FGD-UMOA Statutes;
• conducting activities, notably in partnership with other concerned stakeholders, to promote financial literacy in the member states of UMOA;
• negotiating and signing information exchange agreements with the Union's Institutions and Bodies;
• joining any regional, continental or international body with a similar object;
• concluding cooperation agreements with any other institution as necessary.

Article 3
The rules governing the organization and functioning of the Deposit Guarantee Fund in the Monetary Union are set out in the Statutes annexed to this Decision, which form an integral part thereof.

Article 4
This Decision shall enter into force as of the date of its signature and shall be published wherever necessary.

Done at Dakar, on March 21, 2014
Tiémoko Meyliet KONE