Circular CSSF-CPDI 19/19 is a CSSF circular, published 11 December 2019 and updated 10 July 2020. Subject: Survey on the amount of covered deposits held on 31 December 2019. The CSSF marks it as outdated.
\nRelevant for: Credit institutions.
\nIn case of discrepancies between the French and the English text, the French text shall prevail
\nLuxembourg, 11 December 2019 To the members of the Fonds de garantie des dépôts Luxembourg
\nRe: Survey on the amount of covered deposits held on 31 December 2019
\nLadies and Gentlemen, 1. The aim of this circular is to carry out a survey on deposits, and more particularly on covered deposits, as held by credit institutions incorporated under Luxembourg law, the POST Luxembourg for its provision of postal financial services, and Luxembourg branches of credit institutions having their head office in a third country (hereinafter, referred to as “institutions”) as at 31 December 2019. The collected data shall enable the Conseil de protection des déposants et des investisseurs (“CPDI”) to determine the contributions referred to in Article 179 of the law of 18 December 2015 on the failure of credit institutions and certain investment firms, as amended (hereinafter, the “2015 Law”) that become necessary for the FGDL to maintain its target level in 2020. The data also serves to calculate the contributions to the buffer of additional financial means referred to in Article 180 of the 2015 Law. 2. Pursuant to Article 16, paragraph 1, of the Commission delegated regulation (EU) 2015/63 of 21 October 2014 supplementing Directive 2014/59/EU, the average amount of covered deposits calculated quarterly will be transmitted to the Single Resolution Board by 31 January 2020 and will be used to determine the Single Resolution Fund’s annual target level. 3. The provisions of Circular CSSF-CPDI 16/02 shall be taken into account, in particular with regard to the exclusions of structures assimilated to financial institutions, as well as the treatment of omnibus accounts. We remind you that persons who are absolutely entitled shall be covered by the guarantee provided that they have been identified or are identifiable before the guarantee is triggered. Persons are deemed identifiable if the holder
\nof the account has informed the FGDL member institution who holds the deposits, that he acts on behalf of third parties, that he has communicated the number of persons who are absolutely entitled and the amount owed to each of them and that he is able to provide the institution who holds the deposits or the CPDI with the identity of the persons who are absolutely entitled, upon request of the CPDI in case of the institution’s failure. We also remind you that the breakdown into natural and legal persons of omnibus accounts shall be made according to the legal status of the holder of such accounts. 4. In order to enable the FGDL to fulfil its cooperation duties within the European Union as set out under Article 183, paragraph 2, of the 2015 Law and in line with the European Banking Authority (“EBA”) Guidelines on cooperation between deposit guarantee schemes under Directive 2014/49/EU, FGDL members are requested to provide the data i. at the level of their legal entity, which means that branches located in other Member States of the European Union shall be consolidated, as well as ii. for each branch located in another Member State of the European Union separately, by 17 January 2020 at the very latest. The data to be established under (i) and (ii) shall be reported with utmost care. 5. In order to transmit the data, institutions are kindly requested to complete the table attached to this circular, which is also available on the CSSF’s website at: http://www.cssf.lu/fileadmin/files/ESPREP-Bxxxx-yyyy-mm-DCO.xls. It is absolutely necessary to respect the integrity of the file, i.e. not to modify the structure of the table and to input information and data in yellow fields exclusively. The filename of the completed document shall comply with the file naming convention for special enquiries, as defined by Circular CSSF 08/344.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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