The Institution
The Interbank Deposit Protection Fund, established in 1987 as a voluntary consortium, is now a private-law mandatory consortium, recognised by the Bank of Italy; the activities of which are regulated by the Statutes and by laws. In accordance with Legislative Decree 659/96, effective from January 11, 1997, the EU Directive 19/94 on deposit guarantee schemes was implemented in the Italian legislative system. The purpose of the Fund is to guarantee the depositors of member banks. Member banks undertake to pay contributions to the consortium fund and, upon request of the Fund, to make regular payments to defray operating expenses.
Following the provisions of article 96 of Legislative Decree n. 385 of September 11, 1993, the principle of mandatory membership in a deposit guarantee system was introduced in Italy. All Italian banks (about 300) are members of the Fund, except for "mutual banks" (banche di credito cooperativo), which are members of the Deposit Guarantee System of Mutual Banks (Garanzia dei Depositanti del Credito Cooperativo). Membership is open to the branches of EU banks operating in Italy, for the purpose of supplementing deposit protection provided by their home country schemes. Non-EU banks authorised to operate in Italy are required to become members, unless the deposit protection schemes of their home countries are equivalent. Following articles 9-bis and 9-ter of Leg. Decree 385/1993, the Bank of Italy has full powers in supervising and coordinating the activities of deposit protection funds.

The bodies of the fund
The bodies of the Fund are: the General Meeting; the Board; the Executive Committee; the Chairman; the Deputy Chairman; the Board of Auditors; the Secretary General.
The members of the Board are elected by the General Meeting, on the basis of a number of candidates, also represented by associations of member banks.
The Chairman of the Italian Banking Association (ABI) is an ex officio member. A representative from the Bank of Italy attends the meeting.

CHAIRMAN: Salvatore Maccarone
DEPUTY CHAIRMAN: Mauro Paoloni (Banco BPM)
SECRETARY GENERAL: Giuseppe Boccuzzi
Chairman: Salvatore Maccarone
Deputy Chairman: Mauro Paoloni (Banco BPM)

In alphabetical order:

•    Davide Alfonsi (Intesa Sanpaolo)
•    Angelo Barbarulo (Banca Carige)
•    Gerhard Brandstätter (Cassa di Risparmio di Bolzano)
•    Umberto Colli (Credito Valtellinese)
•    Alessandro D’Agata (CheBanca!)
•    Paolo D’Amico (Banca Nazionale del Lavoro)
•    Ranieri de Marchis (Unicredit)
•    Stefano Del Punta (Intesa Sanpaolo)
•    Ariberto Fassati (Credit Agricole Italia)
•    Edoardo Maria Ginevra (Banco BPM)
•    Nazzareno Gregori (Credito Emiliano)
•    Stefano Lado (Banca di Desio e della Brianza)
•    Antonio Miglio (Cassa di Risparmio di Fossano)
•    Roberto Nicastro (Unione di Banche Italiane)
•    Leonardo Patroni Griffi (Banca Popolare di Puglia e Basilicata)
•    Antonio Patuelli (Presidente A.B.I. - membro di diritto)
•    Lorena Pelliciari (FinecoBank)
•    Giovanni Pirovano (Banca Mediolanum)
•    Stefano Porro (Unicredit)
•    Vito Antonio Primiceri (Banca Popolare Pugliese)
•    Stefano Rossetti (BPER Banca)
•    Andrea Rovellini (Monte dei Paschi di Siena)
•    Camillo Venesio (Banca del Piemonte)
•    Francesco Venosta (Banca Popolare di Sondrio)

Chairman: Salvatore Maccarone
Deputy Chairman: Mauro Paoloni (Banco BPM)
In alphabetical order:

•  Ranieri de Marchis (Unicredit)
•  Stefano Del Punta (Intesa Sanpaolo)
•  Nazzareno Gregori (Credito Emiliano)
•  Stefano Lado (Banca di Desio e della Brianza)
•  Camillo Venesio (Banca del Piemonte)
•  Francesco Venosta (Banca Popolare di Sondrio)

Chairman: Maurizio Comoli (Banco Popolare)
- Amedeo Grilli (Cassa di Risparmio di Fermo)
- Francesco Passadore (Banca Passadore & C.)
Supplementary auditors:
- Roberto Calzini (Banca Popolare di Cortona)
- Giuseppe Ghisolfi (Cassa di Risparmio di Fossano)

Deposit guarantee
Along with the supervisory activities and the lender of last resort function, the deposit guarantee is one of the basic elements of the safety net, which is aimed at the stability of the banking system. Through deposit guarantee, the social function of savings and the monetary function of bank intermediation are recognised and supported, and in the event of a bank failure, traumatic effects on depositors may be avoided. Directive 94/19/EC provides for a minimum level of guarantee equal to 20,000 euros for each depositor. The Italian legislator implemented the Directive 94/19/EC with the Legislative Decree n. 659 of 4 December 1996 and the Directive 2009/14/EC with the legislative decree n. 49 of 24 March 2011, effective from 7 May 2011.
The legislative decree n. 49 of 24 March 2011 provides for the application of a maximum level of guarantee equal to 100,000 euros and a 20 working days payout limit, which may be extended by the Bank of Italy only in exceptional circumstances for a further 10 days. The payout limit starts from the compulsory administrative liquidation of the bank in accordance with article 83 of the legislative decree n. 385 of 1 September 1993 (Italian Banking Law).
The Interbank Deposit Protection fund also compensates, up to the limits set forth in the Statutes, the depositors of members, foreign branches in Italy of EU and non-EU banks, provided that they are members of the Fund.
According to the Statutes of the Fund (Article 27 paragraph 1) and pursuant to the Banking Law, claims eligible for reimbursement are those relating to repayable funds acquired by the members, in Euros and in foreign currency, in the form of deposits or in other forms as well as bankers’ drafts and equivalent instruments. Guarantee schemes shall make payments in cases of compulsory administrative liquidation of banks authorised in Italy according to the norms on compulsory administrative liquidation of legislative decree n. 385, 1 September 1993.
According to art. 27 of the Fund’s Statute, the following shall be excluded from protection:
- bearer deposits and other funds reimbursable to bearer;
- bonds and claims arising from acceptances, promissory notes and securities transactions;
- the banks’ share capital, reserves and other elements of capital; the financial instruments regulated by the Civil code; - deposits arising from transactions for which there has been a conviction for crimes referred to in Articles 648 bis and 648 ter of the Penal Code; - deposits from central government departments, regions provinces and municipalities and other local authorities; - deposits made by banks in their own name and on their own behalf, as well as banks claims; - deposits from: financial companies referred to in Article 59, paragraph 1 sub paragraph b) insurance companies; collective investment undertakings; other companies of the same banking group; electronic money institutions; - deposits, including those made by nominees, from owners of significant holdings for the purpose of Article 19; - deposits including those made by nominees, from members of the governing bodies and senior managers of the bank or of the banking groups parent undertaking; - deposits for which the depositor has, on an individual basis obtained from the bank rates and conditions which helped to aggravate the banks financial situation on the basis of the findings of the liquidators.
Protection is offered to the so-called "unaware (or not sophisticated) depositor", who, having no access to needed information, may not be able to evaluate the risk position of the financial institution where his or her deposits are kept.


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