European Forum of Deposit Insurers

From Wikipedia, the free encyclopedia
Jump to: navigation, search

The European Forum of Deposit Insurers (EFDI) is an international non-profit association with the aim to promote European cooperation and exchange on regulatory issues in the field of deposit insurance, investor compensation, and crisis management (restructuring and liquidation of banks).

EFDI in short[edit]

  • Name: European Forum of Deposit Insurers (EFDI)
  • Legal form: International non-profit association under Belgian law (Association international sans but lucratif - AISBL)
  • Founded: 2002 / 2007 as Belgian AISBL
  • Seat: Brussels, Belgium
  • Chairperson: Dirk Cupei (The German Private Commercial Banks Compensation Scheme for Depositors and Investors / Depositor Protection Fund, Germany)
  • Vice Chair: Patrick Loeb (esisuisse, Switzerland)
  • Honorary Chairpersons: Suzanne McCarthy (United Kingdom), Roberto Moretti (Italy)
  • Members: 56 deposit guarantee schemes (DGS) of which 25 are also investor compensation schemes and 10 sole investor compensation schemes from 44 European countries.

About EFDI[edit]

EFDI was founded in Vienna in 2002 by 25 European deposit insurance schemes.[1] The founding members agreed to create a platform for the mutual exchange of information and practices in the field of deposit insurance. In 2007, EFDI was granted the legal status of an international non-profit association under the Belgian law (Association international sans but lucratif - AISBL),[2] which was encouraged by the European Commission on the grounds that it would facilitate the cooperation with European institutions.

The official seat of the registered association is in Brussels (B-1000 Brussels, 56 Avenue des Arts, Belgium). In line with its Statutes article 11, EFDI collects annual membership fees from its members of up to 1000 euros. The funds are used to finance the annual general meeting as well as to cover running costs e.g. for the maintenance and administration of the association’s website.

EFDI does not have its own personnel. The EFDI Chairman provides a secretariat, which provides technical and administrative support to the association. Currently, the secretariat resides with Dirk Cupei at the German Banking Association and is led by Juliane Seiter.

EFDI represents 66 full and associated members from 44 member states of the European Union and the European Council.

EFDI closely cooperates with a number of European organisations, such as the European Commission, the European Central Bank (ECB), the European Banking Authority (EBA), the European Financial Services Roundtable (EFSR), and the European Banking Federation (EBF). It has furthermore established working relationships with international organisations such as the World Bank, the International Monetary Fund (IMF), and the International Association of Deposit Insurers (IADI), as well as with several universities.

Objectives of EFDI[edit]

EFDI aims to contribute to the stability of financial systems by enhancing European cooperation in the field of deposit insurance, investor compensation, and crisis resolution.[3]

For this purpose, EFDI offers a platform for, among others:

  • The exchange and discussion of expertise and best practice on topics of common interest and concern;[4]
  • The research of cross-border circumstances including possibilities for better collaboration and cooperation among members;
  • The research and further development of the practical application of the EU Directive on Deposit Guarantee Schemes.[5]

EFDI may publish statements regarding the interests of its members or a sub-group thereof, but these are not legally binding for these members. As a principle, statements and other activities of EFDI do not interfere with the sovereignty of its members.

Working bodies[edit]

Currently, there are two permanent committees and five working groups to support EFDI in achieving its objectives. In addition, there are several ad hoc working groups.

EU Committee[edit]

The only statutory and most important working body of EFDI is the EU Committee.[6] The EU Committee’s main task is the representation of the interests of EFDI vis-à-vis the European authorities, such as the European Commission, the European Parliament, Council, the EBA, ECB, etc. and related institutions. For this purpose it elaborates statements and positions regarding legislative and regulatory projects of the EU in the field of deposit insurance.[7][8]

In line with the EFDI Statutes, the EFDI Chairman is also the chair of the EU Committee. The daily work is carried out by a coordinator, elected by the EFDI Board. The current coordinator is Alex Kuczynski from the British Financial Services Compensation Scheme.

Committee for PR and Communication[edit]

The EFDI PR and Communications Committee is a platform to discuss and exchange experiences related to PR and crisis communication. A further focus of activity is the improvement of public awareness and understanding of deposit insurance in Europe. The committee is composed of the PR experts from EFDI member organizations.

The PR Committee may furthermore provide advice and assistance to the EFDI Board or the EFDI Spokesperson, if requested to do so, on PR matters of EFDI itself.

Working Group Investor Compensation[edit]

The Investor Compensation Working Group was established to elaborate positions and statements of EFDI on EU initiatives in the field of investor compensation. Apart from investor compensation schemes its members also include compensation schemes that are deposit guarantee as well as investor compensation schemes.

Working Group Research[edit]

The Research Working Group analyses specific issues related to deposit insurance with the aim to elaborate common positions and to make recommendations and guidelines for international regulatory authorities and other stakeholders.[9] In addition, it supports the work of other working bodies of EFDI by providing data, reports, surveys, etc.

Other Working Groups[edit]

Further working groups were established in the fields:

  • Banking Union
  • Cooperative Institutions
  • Crisis Management (restructuring and liquidation of credit institutions)


There two different types of membership in EFDI: full members and associated members. International organizations have an observer status in EFDI.

Full members[edit]

  • Albania - Albanian Deposits Insurance Agency (ADIA)
  • Armenia - Armenian Deposit Guarantee Fund (ADGF)
  • Austria - Hypo-Haftungsgesellschaft mbH
  • Austria - Deposit Protection Company of the Austrian Commercial Banks
  • Austria - Österreichische Raiffeisen-Einlagensicherung reg. Gen. mbH.
  • Austria - Österreichischer Genossenschaftsverband Schulze - Delitzsch
  • Austria - Österreichischer Sparkassenverband
  • Azerbaijan – Azerbaijan Deposit Insurance Fund (ADIF)
  • Belgium - Deposit and financial instrument protection fund
  • Bosnia and Herzegovina - Deposit Insurance Agency
  • Bulgaria - Bulgarian Deposit Insurance Fund (BDIF)
  • Croatia - State Agency for Deposit Insurance and Bank Resolution (DAB)
  • Cyprus - Deposit Protection Scheme
  • Czech Republic - Deposit Insurance Fund
  • Denmark - The Danish Guarantee Fund for Depositors and Investors managed by the Financial Stability Company
  • Estonia - Guarantee Fund
  • Finland - The Deposit Guarantee Fund
  • France - Fonds de Garantie des Dépôts et Résolution – FGDR
  • Germany - Depositor Compensation Scheme of the Association of German Public Sector Banks GmbH
  • Germany - Deposit-Protection Fund of the Association of German Public Sector Banks e.V.
  • Germany - German Saving Banks Association
  • Germany - National Association of German Cooperative Banks
  • Germany - Deposit Protection Fund
  • Germany - The German Private Commercial Banks Compensation Scheme for Depositors and Investors
  • Greece - Hellenic Deposit and Investment Guarantee Fund (HDIGF)
  • Hungary - National Deposit Insurance Fund of Hungary (NDIF)
  • Iceland - Icelandic Depositors and Investor Guarantee Fund
  • Ireland - Irish Deposit Protection Scheme
  • Italy - Bond Holders Guarantee Fund of Cooperative Credit Banks
  • Italy - Deposit Protection Fund for Co-operative Banks
  • Italy - Interbank Deposit Protection Fund
  • Jersey - Finance Industry Development - Economic Development
  • Latvia - Financial and Capital Market Commission of Latvia
  • Liechtenstein - Deposit Guarantee and Investor Compensation Foundation PCC
  • Lithuania - Deposit and Investment Insurance
  • Luxembourg – Deposit Guarantee System
  • Macedonia - Deposit Insurance Fund
  • Malta – Depositor CompensationScheme
  • Montenegro – Deposit Protection Fund
  • Netherlands - Collective guarantee scheme of credit institutions for repayable funds and portfolio investments
  • Norway - Bank Guarantee Fund
  • Poland - Bank Guarantee Fund
  • Portugal - Fundo de Garantia do Credito Agricola Mutuo
  • Portugal - Deposit Guarantee Fund
  • Romania - Bank Deposit Guarantee Fund
  • Republic of San Marino - Central Bank of the Republic of San Marino
  • Russia - Deposit Insurance Agency
  • Serbia - Deposit Insurance Agency
  • Slovakia - DepositProtection Fund
  • Slovenia - BankaSlovenije
  • Spain –Deposit Guarantee Fund of Credit Institutions
  • Sweden – Deposit Guarantee Board
  • Switzerland - Deposit Protection of Swiss Banks and Securities Dealers
  • Turkey - Savings Deposit Insurance Fund
  • Ukraine - Bank Deposit Guarantee Fund
  • United Kingdom - Financial Services Compensation Scheme (FSCS)

Associated Members[edit]

  • Bulgaria Investor Compensation Fund
  • Croatia - Central Depository & Clearing Company Inc.
  • Czech Republic - Garanční fond obchodníků s cennýmipapíry
  • Finland - The Finnish Deposit Guarantee Fund - Federation of Finnish Financial Services
  • Hungary - Investor Protection Fund
  • Ireland - The Investor Compensation Company Limited
  • Italy - National Guarantee Fund
  • Norway - Norwegian Investor Compensation Scheme
  • Romania - Investor Compensation Fund
  • Turkey - Turkish Investor Compensation Scheme


The following organizations have the status of observer:

  • Bank of International Settlements
  • European Banking Authority
  • EFR - European Financial Services Round Table
  • European Bank for Reconstruction and Development
  • European Banking Federation
  • European Central Bank
  • European Commission
  • International Association of Deposit Insurers
  • International Monetary Fund
  • World Bank
  • World Savings Banks Institute aisbl /European Savings Banks Group aisbl
  • European Commission - Joint Research Centre[10]

EFDI Board[edit]

  • Chairman: Dirk Cupei (The German Private Commercial Banks Compensation Scheme for Depositors and Investors / Depositor Protection Fund, Germany)
  • Vice Chair: Patrick Loeb (esisuisse, Switzerland)
  • Treasurer: Helmut Starnbacher (Österreichische Raiffeisen-Einlagensicherung reg. Gen. mbH, Austria)
  • Marija Hrebac (State Agency for Deposit Insurance and Bank Resolution, Croatia)
  • Francois de Lacoste Lareymondie (Fonds de Garantie des Dépôts et Résolution, France)
  • Joseph Delhaye (Association Pour La Garantie Des Dépôts Luxembourg)
  • Nikolay Evstratenko (Deposit Insurance Agency Russia)


External links[edit]