Organic law and internal regulation

The Fonds de garantie des dépôts Luxembourg (FGDL, Luxembourg Deposit Guarantee Fund), is established by Article 154 of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms, as amended. In accordance with paragraph 7 of the aforementioned article, the FGDL has adopted internal rules guaranteeing sound and transparent governance practices (only in French).

Management Committee

The Fonds de garantie des dépôts Luxembourg, is operated by a Management Committee composed as at 1st January 2021 of the following members:

PRESIDENT SUBSTITUTE
Claude WAMPACH Commission de Surveillance du Secteur Financier (CSSF), Director in charge of the department referred to in Article 12-15 of the amended law of 23 December 1998 creating the CSSF Claude MARX
MEMBERS SUBSTITUTE
Bob KIEFFER Ministry of Finance, Director of the Treasury Michel HAAS
Gaston REINESCH Banque centrale du Luxembourg, Governor Jean-Claude FRANTZ
Yves MAAS The Luxembourg Bankers’ Association (ABBL), Chief Executive Officer Camille SEILLÈS
Karin GUILLAUME First Councillor at the Court of Appeal Marc WAGNER

The Management Committee is assisted by a CSSF department which performs the operational tasks of the FGDL.

The missions which, pursuant to Directive 2014/49/EU, must be assigned to the designated authority, i.e. the body in charge of administering the deposit guarantee scheme, are carried out by the CPDI. The CPDI is a new internal body of the CSSF. As regards these missions as well as the judicial and extra-judicial representation relating to these missions, the CPDI will be the higher executive authority of the CSSF.

In order to facilitate decision-making, to ensure efficient exchange of information and cooperation between the FGDL and the CPDI and to ensure swift repayment of depositors, the members of the CPDI are also the members of the FGDL’s Management Committee.

FGDL member institutions

All credit institutions governed by Luxembourg law, as well as Post Luxembourg (for the provision of postal financial services) are required to become member of the FGDL. Luxembourg branches of credit institutions having their registered office in a third country, subject to the second sentence of Article 43(2) of the Law of 5 April 1993 on the financial sector, as amended, are required to join the FGDL, if the CSSF considers that the protection is not equivalent. However, branches of banks with their headquarters in another EU country are not members of the FGDL. They are affiliated to a guarantee scheme in that country.

 

Complete list of FGDL members