Circular CSSF-CPDI 23/34 is a CSSF circular, published 26 April 2023 and updated 13 November 2025. Subject: Fonds de garantie des dépôts Luxembourg (FGDL) – Modification of the method for calculating ex-ante contributions laid down in Circular CSSF-CPDI 20/21. The CSSF marks it as outdated.
\nRelevant for: Credit institutions, Specialised PFS.
\nKeywords: Deposit Guarantee Schemes, Depositor and Investor Protection Board (CPDI), Luxembourg Deposit Guarantee Fund (FGDL).
\nCircular CSSF-CPDI 23/34 Fonds de garantie des dépôts Luxembourg (FGDL) – Modification of the method for calculating ex-ante contributions laid down in Circular CSSF-CPDI 20/21
\nConseil de protection des déposants et des investisseurs
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nCircular CSSF-CPDI 23/34 Re: Fonds de garantie des dépôts Luxembourg (FGDL) – Modification of the method for calculating ex-ante contributions laid down in Circular CSSF-CPDI 20/21
\nLuxembourg, 26 April 2023
\nLadies and Gentlemen,
\nTo all credit institutions
\nincorporated under Luxemburg
\nprovides that FGDL member institutions pay annual contributions which depend
\nlaw, to the branches of non-EU credit institutions, and to POST
\namong other things on the annual growth of their covered deposits. The Circular does not provide for an allowance in case the deposit growth results from
\nLuxembourg
\nmergers between member institutions or from transfers of liabilities or similar operations between member institutions, whereas contributions have been paid in the past of the protection of such transferred deposits. The present circular has the purpose to adjust the contributions to be paid in the above cases. The adjustment consists in calculating the contribution of the member institution whose deposits have been transferred to another member institution, without applying a floor at zero. This amount, which is generally negative due to the decline in the volume of covered deposits, is used to reduce the contributions of the absorbing member institution(s). To ensure coherence of the calculation, the definition of certain sums, cf. paragraph 2 below, must be adjusted such that the formulas take into consideration institutions which no longer participate in the FGDL on 1 January of the year during which the contributions are levied. The present circular relies on articles 166(2), 179, 180, 182, 187 and 189 of the law of 18 December 2015 on the failure of credit institutions and certain investment firms (« Law of 2015 »). 2. We first introduce two modifications of Annexe 1 of the Circular: •
\nIn formula (4), the sum shall run over all institutions affiliated with the FGDL on 1 January of year j or on 1 January of year j-1;
\nIn formula (6), the amount D*
\nj-2
\nshall be defined as the volume of
\ncovered deposits as at 31 December of year j-2 participating in the
\nConseil de protection des déposants et des investisseurs
\nC o n FGDL at the beginning of year j or having been merged into another s e member during the year j-1. i l Next, we add the following paragraphs to Annex 1 of the Circular: 3. d e “12. If a member institution has received eligible deposits from a member p institution k in the context of a merger, a transfer of liabilities or a similar r o contractual operation during the year j-1, we first determine the amount of t institution k’s contributions (of each compartment) for year j before adjustment e c μ and without a floor at zero: by t i (8) X = ARW A +T D . o j, k j, k j, k j j-2, k n d If institution k no longer exists on 31 December of year j-1, the risk adjustment e s factor ARWj, k is chosen equal to the previous year’s factor. d é amount Xj, k, which can be positive or negative, is added to the contribution The p before adjustment by μ of each member institution having received deposits o s from institution k during the year j-1, in proportion to institution ’s covered a deposits’ increase Γ caused by the transfer.
\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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