Since the 90's, the global trend has been the establishment of formal deposit guarantee systems. The rationale behind this trend is authorities' increasing concern with the stability of the financial system. This is reflected in the implementation of additional instruments for monitoring and control, as well as the consequent creation of system protection networks. Ultimate instance loans, efficient regulation and supervision, appropriate legal structures and direct protection to depositors through a guarantee system, are elements of this network designed to maintain a solid, healthy banking system.
Brazil has followed this trend.
The National Monetary Council's (Conselho Monetário Nacional - CMN), Resolution 2,197 of August 31, 1995 authorized the "setting of a private non-profit organization to control the protection of credit holders against financial institutions".
In November 1995, the Statute and Regulation of the new organization were approved and Resolution 2,211 of November 16, 1995.
Aug / 1995
CMN authorizes FGC's creation
Nov / 1995
Approval of FGC Bylaws and Regulations Guarantee of BRL 20,000
Sep / 2006
Guarantee increases to BRL 60,000 Ordinary contribution decreases from 0.30% p.y. to 0.15% p.y.
Dec / 2008
Investment Program created to support liquidity
Mar / 2009
Creation of Time Deposits with Special Guarantee (DPGE)
Dec / 2010
Guarantee increases to BRL 70,000
Jul / 2012
Possibility of giving collateral for taking out DPGE
Guarantee increases to BRL 250,000 Management becomes independent
Extension of period for taking out unsecured DPGE
Change in rules related to coverage of ordinary guarantee
To protect depositors and investors under the financial system, up to the limits set forth by regulation;
To contribute to the maintenance of the stability of the National Financial System;
To contribute to the prevention of systemic banking crises.
Technical rigor to preserve impartiality
Legitimacy to be respected
Timeliness to be efficient and fair