Are guarantee funds sufficiently guaranteed?

Economic experts have been warning for some time about a reality affecting the Spanish banking system. The deposit guarantee fund, which is supposed to protect our savings in the event of a bank failure, could be insufficient. How can we secure our finances?

 

In theory, a deposit guarantee fund (DGF) protects the savings we have in the country’s banks by imposing a fixed term of up to a maximum of 100,000 euros per individual or legal entity. In this way, if a bank were to fail and could not meet its obligations to its customers, the country’s DGF would be responsible for compensating account holders for their savings up to a maximum of 100,000 euros. Even so, if you had more than 100,000 euros in a single current account, the DGF would not cover the difference.

This is the theory, but in practice, economic experts warn that this DGF, in Spain, has a black hole that would prevent it from covering losses. At this point, it is necessary to ask how the DGF gets its resources. All the banks that are registered in the State Register of Banks and State Banks, and which have access to financing from the Bank of Spain, have to make contributions to the DGF. Thus, as recommended by the European Central Bank, the DGF’s resources should be at least 1% of the total deposits contracted by the country’s banks.

Therefore, according to the calculations made by experts, Spain’s DGF should have between 5,500 and 8,250 million euros at its disposal. Even so, prestigious economists such as Santiago Niño Becerra consider that this figure falls short in the event that some of the main banking operators of the Spanish State go bankrupt. And, as if that were not enough, they warn that the DGF does not even have these 8,250 million, because it is still recovering from the contributions it had to make during the bank bailout due to the economic crisis of 2008. If the DGF’s figures are negative, they warn, it is necessary to take a cautious approach. This is why banks have complimentary insurance: where the DGF does not reach, insurance must reach.

 

 

EMIs, a safe bet

For this reason, experts recommend opening current accounts in banks that have insured customer deposits through Electronic Money Institutions (EMI), as 11Onze does. EMIs are regulated companies that are authorized to issue electronic money as a digital equivalent to cash. EMI licenses are issued by the Central Banks of each country, and in order to operate in the European Union they are required to have a very high capital.

EMIs, unlike traditional banks, are not allowed to sell unsound banking products, promote investment products or recommend credit-risky transactions to customers. This last condition is possibly the most important, because when a client deposits his money in a traditional bank, he is taking a risk. This is because banks are allowed to use customer deposits for lending. EMIs, on the other hand, are not authorized to do so and, therefore, offer zero risk and ensure that your savings are 100% safe.

In addition, these EMIs are required to insure 100% of the deposits received with insurance policies, regardless of the amount. In addition, the money cannot be deposited in just any bank: it has to be a bank of recognized solvency and classified among the Globally Systemic Important Banks (GSIB). Finally, customer deposits insured by an EMI are not part of the balance sheet of the EMI itself and are, therefore, off the balance sheet in case of bankruptcy of the EMI, i.e. they are still protected by the insurance, which guarantees full recovery of the savings.

 

 

11Onze is becoming a phenomenon as the first Fintech community in Catalonia. Now, it releases the first version of El Canut, the super app of 11Onze, for Android and Apple. El Canut, the first universal account can be opened in Catalan territory.

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  1. Josep RuaixJosep Ruaix says:
  2. Jordi Grabolosa VilaJordi Grabolosa Vila says:
    Jordi

    Hola, per tant, a veure si ho entenc bé: 11Onze no opera amb llicència bancaria sinó que ho fa amb llicència de diner electrònic i per aquest motiu, al no operar amb llicència bancaria els diners no estan assegurats fins als 100 mil pel fons de garantia de dipòsits. És així? El que desconexia és que operant amb un banc amb llicència de diners electrònic, els diners estaven assegurats un 100% independentment de la quantitat i tenia entès també que sempre era millor operar amb un banc amb llicència bancària.
    Per tant, de ser correcte tal i com ho tinc entès, no hi hauria cap mena de diferència que l’Iban fos búlgar, alemany, o qualsevol altre. Em podeu treure de dubtes? Com sempre, gràcies 🙏

  3. alicia Coiduras Charlesalicia Coiduras Charles says:
    alicia

    Aquesta informació es fonamental que la conegui el maxim possible de persones
    Gràcies, faré difussio

  4. Pere Maria EstremPere Maria Estrem says:
    Pere Maria

    Una informació molt valuosa. En faig difusió.

    • Elisabet Porqueras GarciaElisabet Porqueras Garcia says:
      Elisabet

      Gràcies pel teu comentari Pere, ens veiem per La Plaça

      1 week ago
  5. Francesc Estafanell PujolFrancesc Estafanell Pujol says:
    Francesc

    Vaig aprenent moltes coses des que estic a la Plaça i per això m’he instal·lat el Canut i no em fa gota pena els justos honoraris mensuals. Molta informació i molt útil. Seguim

    • Elisabet Porqueras GarciaElisabet Porqueras Garcia says:
      Elisabet

      Gràcies pel teu comentari Francesc, ens veiem per La Plaça

      1 week ago
  6. Laura CarlúsLaura Carlús says:
    Laura

    Hi ha un munt de valors afegits positius a 11onze.

  7. CAROLINA RODERO ORPINELLCAROLINA RODERO ORPINELL says:
    CAROLINA

    Gràcies per la info, fa esgarrifar

  8. Manel Miquel MartinezManel Miquel Martinez says:
    Manel Miquel

    Quan un s’ha aseventa de tot això es quan pensa !!! Meig mal que jo no ting tans diners !!! Un riu per no plorar , per qie tot plegat es penós , ens enganyan per tot arreo.

    • Lara de CastroLara de Castro says:
      Lara

      Pensa en l’immens esforç que s’ha fet perquè no en sapiguem res de tot això Manel. A La Plaça ja veus que l’esforç és justament el contrari! Seguim! Gràcies per ser-hi

      1 week ago
  9. Mercè ComasMercè Comas says:
    Mercè

    Dubto que hi hagi gaire gent, tret de professionals de la banca i els economistes solvents, que sàpiguen gran cosa de tot això. Els mitjans només parlen dels bancs quan presenten resultats o hi ha algun escàndol, que tapen ràpidament.
    Estar assegurat en una EMI es un gran valor afegit d’ 11Onze.

    • Lara de CastroLara de Castro says:
      Lara

      Així és Mercè! Tenim una gran incultura financera gràcies al sistema i com han volgut educar-nos. Gràcies!

      1 week ago
  10. Joan Santacruz CarlúsJoan Santacruz Carlús says:
  11. Xavier TarridaXavier Tarrida says:
    Xavier

    Tot això que indiqueu que podeu fer o no amb els nostres dipòsits sembla mes coherent i s’allunyaven de la salvatge especulació de la banca tradicional.
    Seguiu així, amb un projecte novedós i ben diferenciat.
    👍

    • James SeneJames Sene says:
      James

      Absolutament Xavier, és que si et poses a pensar no te cap sentit que un banc només et garanteixi fins a 100.000 euros els diners que se suposa que hi poses per salvaguardar-los. Hauria de ser el 100% I punt. Però hem anat acceptant barbaritats que no tenen cap sentit i ara ens trobem amb casos com aquests on una aberració és considera normal i fins i tot alguns de nosaltres és mostren satisfets del mateix.😳

      1 week ago

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