Circular CSSF-CPDI 22/32 is a CSSF circular, published 14 December 2022 and updated 8 May 2026. Subject: Survey on the amount of covered deposits held on 31 December 2022. The CSSF marks it as outdated.
\nLegal basis: Law of 18 December 2015.
\nRelevant for: Credit institutions, Investment firms.
\nKeywords: Deposit Guarantee Schemes, Depositor and Investor Protection Board (CPDI), Luxembourg Deposit Guarantee Fund (FGDL).
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nCircular CSSF-CPDI 22/32 Re : Survey on the amount of covered deposits held on 31 December 2022
\nLuxembourg, 14 December 2022
\nLadies and Gentlemen, 1. The aim of this circular is to carry out the regular survey on deposits,
\nTo the members of the Fonds de garantie des dépôts Luxembourg
\nand 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 2022. This circular also introduces the clarification that accounts denominated in units of precious metals, such as gold (XAU) or silver (XAG), as well as accounts denominated in virtual currencies, such as Bitcoin or Ether, are excluded from the scope of the deposit guarantee. Hence such accounts shall not be reported under this data collection. The collected data shall enable the Conseil de protection des déposants et des investisseurs (hereinafter, “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,
\nas amended
\n(hereinafter, the “2015 Law”) that become necessary for the FGDL to maintain its target level in 2023. The data also serves to calculate the contributions in 2023 to the buffer of additional financial means referred to in Article 180 of the 2015 Law. The calculation of the annual contributions collected by the FGDL will be made pursuant to circular CSSF-CPDI 20/21. 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 27 January 2023 and will be used to determine the Single Resolution Fund’s annual target level. 3. A definition of “covered deposits” and “eligible deposits” can be found in Article 163 of the 2015 Law. 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.
\nPersons are deemed identifiable if the holder of 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, accounts of fiduciaries, third-party accounts, sub-accounts, segregated accounts or other types of accounts whose holder is not absolutely entitled to the sums in the account, shall be made according to the legal status of the holder of such accounts. As mentioned above, neither accounts denominated in units of precious metals, such as gold (XAU) or silver (XAG), nor accounts denominated in virtual currencies, such as Bitcoin or Ether, constitute eligible deposits for the purpose of the FGDL guarantee. 4.
\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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