Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.
All branches of EU-banks operating in Spain participate in deposit guarantee schemes of their home countries. This means that Pictet & Cie (Europe), S.A., S.E. participates in the deposit guarantee scheme of Luxembourg.
Pictet & Cie (Europe), S.A., S.E. is a member of Fonds de garantie des dépôts Luxembourg (FGDL) and makes its contributions into it. In the case of Pictet & Cie (Europe), S.A., S.E. failure, eligible depositors having covered accounts in this bank will be paid out the following compensation: