He geopolitical context current situation is marked by two war conflicts. On the one hand, Russia’s invasion of Ukraine, which began in February 2022. On the other, the conflict in the Middle East between Israel and Hamas, which began last October.
One of the aspects that worries people the most is what happens with the money saved in the bank in case of war. In the European Union and, in the case of Spain, without going any further, there is both the Deposit Guarantee Fund (FDG)As the Single Resolution Mechanism (SRM). The first aims to guarantee the deposits of clients of credit institutions, providing them with greater security, protection and peace of mind.
For its part, the second is one of the pillars of the banking union of the European Union and tries to guarantee the orderly resolution of banks in serious difficulties. In the case of the war in ukrainethe first consequences on the financial level were a higher inflation and lower economic growthadded to the collapse of the main European stock markets.
Savings, protected up to 100,000 euros
The FGD covers all monetary deposits in which the return of 100% of your capital is guaranteed. These include, therefore, checking accounts, savings accounts or passbooks, savings deposits, demand or fixed-term deposits, and time deposits. According to him Bank of Spainhe FGD guarantees up to 100,000 euros per depositor and entity.
In non-euro European countries, the amount equivalent to that limit is refunded in their respective local currencies. He money guaranteed to investors “who have entrusted securities or financial instruments to the credit institution will be independent” of the money existing in bank accounts, although in any case “it will reach a maximum amount of 100,000 euros.”
What FDG does not cover
On the other hand, structured deposits are not covered by the FDG, in which it may happen that you do not receive the entire amount deposited because they are subject to the variation of any type of financial variable, such as, for example, stock indices.
Neither are covered pension plans and investment fundssince both have their own regulation, as well as the cryptoassets. In any case, FDG contribute to the stability of the financial system as a whole.
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