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French Banking Law and Practice

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Deposit Guarantee Scheme

The French deposit guarantee scheme protects deposits up to €100,000 in case of a credit institution’s insolvency. This means that if a bank fails, your deposits up to this amount will be guaranteed by the French government.

Excluded Deposits

Certain types of deposits are excluded from the guarantee, including:

• Deposits proven by financial instruments
• Own funds
• Anonymous deposits

Temporary Deposits

Temporary deposits exceeding €100,000 may be eligible for an increased guarantee limit up to €500,000 for three months. This allows you to temporarily deposit larger amounts without losing your protection.

Bank Secrecy

Banking secrecy is a professional duty applicable to credit institutions, prohibiting the disclosure of confidential customer information. This means that banks are not allowed to share sensitive information about their customers with anyone.

Exceptions

While banking secrecy prohibits the disclosure of confidential information, there are certain exceptions that allow for the sharing of this information with specified parties, such as:

• Rating agencies
• Third-party service providers

Key Points

• The deposit guarantee scheme only covers deposits up to €100,000.
• Temporary deposits exceeding €100,000 may be eligible for an increased guarantee limit.
• Banking secrecy prohibits the disclosure of confidential customer information.
• Certain exceptions allow for the sharing of confidential information with specified parties.

Questions?

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