Regulatory Alerts2011-12-03
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Royal Decree-Law 19/2011, of December 2, amending Royal Decree-Law 16/2011, of October 14, which created the Deposit Guarantee Fund for Credit Institutions
Royal Decree-Law 19/2011, issued by the Spanish Government, amends Royal Decree-Law 16/2011 to strengthen the Deposit Guarantee Fund for Credit Institutions. This decree raises the maximum annual contribution cap for credit institutions to the Fund from 2 to 3 per thousand of guaranteed deposits and repeals previous ministerial orders that allowed for reduced contributions, effectively setting a real contribution rate of 2 per thousand. It further clarifies the Fund's resources and financial support instruments for banking sector restructuring, ensuring the sector bears the costs of its own recapitalization and restructuring.
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