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What is and how does a credit guarantee fund work?

guarantee fund credit (FGC), is a private, not-for-profit civil society, the mission of which is to ensure the recovery of deposits and credits in financial institutions – BanksAnd financial technology And the like – in case of bankruptcy.

Therefore, in the event of a possible bankruptcy of a financial institution, its deposits in current or savings accounts or in some fixed income investments will be paid by the FGC, up to a maximum of R$250,000.

In this case, the investor has the FGC as a type of deposit insurance that ensures the basic protection of the stability of Economie from country.

Thus, FGM comes with the task of providing more security to the Brazilian banking system. In economic terms, deposit guarantors are also called a classic paybox.

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FGC is managed through periodic investment from its affiliates. Practically, the members who are the financial institutions contribute monthly 0.0125% of the eligible deposits to the guarantee.

According to central bank rules, it is Is mandatory Banks and financial institutions operating in Brazil with the following activities are part of the FGC:

  • cash deposit receipts
  • raising funds through mortgage bonds;
  • Carry out transactions in bills of exchange.
  • Raising funds by issuing securities operations.

Among the organizations that meet these requirements and participate in this community are:

  • public, commercial and multi banks;
  • development banks;
  • Financial;
  • Mortgage credit companies
  • associations lend and savings
  • Mortgage companies.

In cases of bankruptcy or interference with one of the participating institutions, the FGC uses the accumulated amount to pay the amount owed to investors with current accounts.

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