The deposit guarantee

Deposits in Euros (or in the currency of another European Economic Area country) in deposit accounts opened in the French subsidiary of BANCO BILBAO VIZCAYA ARGENTARIA S.A. ("BBVA") (deposit and payment accounts, current accounts, term accounts and accounts in passbooks other than Passbook A, the Sustainable Development Passbook, and the Popular Savings Passbook) are covered by the deposit guarantee fund created by the Spanish authorities under the conditions and in accordance with the modalities indicated below.

General information on deposit protection:

The protection of deposits held by BBVA is guaranteed by:
The "Deposit Guarantee Fund for Credit Institutions" (FGD) C/ José Ortega y Gasset, 22 - 5ª planta (28006-Madrid). Telephone: +34 91 431 66 45 Fax: +34 91 575 57 28. Website:  http://www.fgd.es/en. E-mail:  fogade@fgd.es
Maximum amount guaranteed:
€100,000 per depositor and credit institution (1).
In the event of having several accounts in the same credit institution:
All amounts deposited in the accounts of a single credit institution included in the scope of the guarantee will be added up to determine the amount eligible for the guarantee; the amount of the compensation is limited to €100,000 (1).
In the event of having a joint account with another person or persons:
The limit of €100,000 is applied separately to each depositor. The balance of the joint account is divided between the account co-holders; each person's shares is added to their own assets to calculate the maximum guarantee limit applicable to each of them (2).
Other special cases:
See note (2)
Compensation period in the event of insolvency of the credit institution:
Seven business days (3)
Compensation currency:
Euro
Contact person:
Deposit Guarantee Fund for Credit Institutions (FGD). Address: C/ José Ortega y Gasset, 22 - 5ª planta (28006-Madrid). Telephone: +34 91 431 66 45 Fax: +34 91 575 57 28. E-mail:  fogade@fgd.es
If you want more information:
See the FGD website:  http://www.fgd.es/en.
Acknowledgment of receipt by the depositor: (5)
When this form is attached or integrated into the general conditions or the specific conditions of the draft contract or agreement, its receipt will be acknowledged upon signing the agreement.

(1) General protection limit

If a deposit is unavailable because a credit institution is unable to meet its financial obligations, the depositors will be compensated by a deposit guarantee system. The compensation has a limit of €100,000 per person per credit institution, which means that all accounts from the same Credit Institution are added together to determine the amount eligible for coverage by the guarantee (subject to the application of Spanish legal provisions or contractual provisions regarding compensation with accounts receivable and other liabilities vis-à-vis BBVA). The compensation limit is applied to this total. The deposits and persons eligible for this guarantee are detailed in article 4 of Royal Decree 2606/1996, of December 20, 1996, as amended at any time (for any clarification on this point, see the FGD website).

For example, if a customer has a savings account eligible for the guarantee (different from Passbook A, the Sustainable Development Passbook, and the Popular Savings Passbook) with a balance of €90,000 and a checking account with a balance of €20,000, the compensation will have a limit of €100,000.

This method is also applied if a credit institution operates under several commercial brands. This means that all deposits accepted under these commercial brands for a single person will be entitled to a maximum compensation of €100,000.

(2) Main specific cases

Joint accounts are distributed equally between the account co-holders, unless a contractual provision provides for another form of distribution. The share corresponding to each account holder is added to each person's own accounts or deposits, and the total is eligible for the guarantee up to a maximum of €100,000.

Accounts in which a minimum of two people have rights as co-holders, partners of a company, members of an association, or any similar group, which do not have legal personality, are grouped together and treated as opened by a single depositor who is not a co-holder or partner.

Certain exceptional deposits (amount from a real estate transaction carried out on private home owned by the depositor; amounts from payments received by the depositor on a non-regular basis and which are linked to a marriage, divorce, retirement, dismissal, disability, or death; amounts from the payment of insurance benefits or compensation for damages caused by a crime or a judicial error) benefit from a guarantee, regardless of their value, for a period of three months from the receipt of the amount or from the date on which these deposits become legally transferable. For more details on this item, see the FGD website.

(3) Compensation

The FGD provides compensation to the depositors and beneficiaries of the guarantee, for the deposits covered by this fund, seven business days after the date on which the competent authority has verified the unavailability of the institution's deposits or the Bank of Spain has declared that the institution is no longer in a position to comply with its obligations to investors.

This period of seven working days will take effect on January 1, 2024; until that date, the period will be twenty business days until December 31, 2018; fifteen business days between January 1, 2019 and December 31, 2020; and ten business days between January 1, 2021 and December 31, 2023.

This period applies to compensation payments that do not involve any special treatment (due to the existence of a dispute over the ownership of the deposit, the application of penalties that restrict the availability of the deposit, the failure to carry out operations during the previous twenty-four months, or an amount to be reimbursed greater than €100,000) or any additional information necessary to determine the amount subject to compensation or the identification of the depositor.

If the payments require a particular treatment or additional information, the compensation will be paid as soon as possible.

The compensation will be provided through the French deposit and settlement guarantee fund, which will process the payments owed to the depositors eligible for the deposit guarantee on behalf of and using the funds of the FGD.

(4) Important additional information

The general principle is that all customers, whether individuals or businesses, whose accounts serve a personal or professional purpose, are covered by the FGD. The exceptions applicable to certain deposits or products are listed on the FGD website.

Your credit institution will inform you about whether your products are guaranteed or not. If a deposit is guaranteed, the credit institution will also inform you on the account statement sent regularly, or at least once a year.

The relevant information can be obtained from the BBVA branch where the account is open or from the "Deposit Guarantee Fund for Credit Institutions," the details of which are indicated below.

Special case for regulated passbooks

The amounts entered in Passbooks A, Sustainable Development Passbooks (LDD), and Popular Savings Passbooks (LEP) benefit from the French Government guarantee established by article 120 of Law no. 2008-1443, of December 30, 2008, on amending budgets, regardless of the accumulated limit of €100,000 applicable to other accounts.

This guarantee covers the amounts deposited all passbooks under the same account holder, as well as the corresponding interest, up to a limit of €100,000 (for any clarification on this matter, see the website of the deposit guarantee and settlement fund: https://www.garantiedesdepots.fr/en).

For example, if a customer has a Passbook A and an LDD, whose total amount is €30,000 and a current account with a balance of €90,000, he or she will be compensated for the €30,000 in the passbooks and for the €90,000 in the current account.

Competent control authorities

BBVA is subject to the control of the European and Spanish authorities, and in particular the European Central Bank and the Bank of Spain, which are the supervisory authorities on which it depends within the framework of the single supervisory mechanism (SSM) established under Council Regulation (EU) no. 1024/2011, in accordance with article 127(6) of the Treaty on the Functioning of the European Union; as for its French subsidiary, it is subject to the Prudential Supervision and Resolution Authority, which is responsible for checking that the latter complies with the mandatory provisions of French law and other provisions of general interest applicable to its activities in France. Its details are: 61, rue Taitbout 75009 Paris, France Telephone: (33) 0155504141. The French subsidiary of BBVA is also subject to control by the DGCCRF in all matters relating to compliance with the French regulations on consumer protection (Directorate-General for Competition, Consumer Affairs and Fraud Prevention: www.dgccrf.bercy.gouv.fr).

BBVA's authorization to operate in France can be verified before the Prudential Supervision and Resolution Authority, which establishes, maintains, and publishes online the list of registered institutions. This list can be consulted on the website www.banque-france.fr.