bank panic, bank run in English. This is the disaster scenario that every bank fears, the one that finally brought down, on Friday March 10, the Silicon Valley Bank (SVB), the bank for American start-ups.
The dreaded infernal spiral has taken place: bad news about the health of an establishment panics customers, they massively want to withdraw their money, the bank struggles to meet these requests (liquidity crisis) and finds itself forced to sell assets at a loss, which aggravates its difficulties (solvency crisis). A vicious circle is all the more feared in that it can, by contagion, then affect other banks and cause a global crisis.
If this scenario is not on the agenda in France – “French banks are not exposed to any risk as a result of the bankruptcy of the SVB”, repeated Prime Minister Elisabeth Borne on March 15 in the Senate –, safeguards have been put in place to prevent it from engaging. At the forefront of which, in France, is the guarantee of bank deposits, which aims to nurture customer confidence.
The principle: a public service body, the Deposit Guarantee and Resolution Fund (FGDR, created in 1999), must compensate you in the event of your bank’s failure, within seven working days.
100% compensation for the Livret A
Savings placed in the Livret A, the Livret de développement durable et solidaire (LDDS) and the Livret d’épargne populaire (LEP), which are all capped savings accounts, are thus fully covered. The guarantee is however limited to 100,000 euros for money deposited in current accounts, ordinary savings accounts, the Livret Jeunes, the housing savings plan, etc. (except in the case of an exceptional deposit, for example if you have just received an inheritance, in which case the guarantee may be higher).
“Within a few days of the failure of your bank, we would open a secure space on the Internet for its customers, where you should register and indicate the number of your new bank account, so that we can pay the compensation. »says Thierry Dissaux, chairman of the FGDR board.
These 100,000 euros are per customer (and not per household) and per bank. If you are a customer of both Hello Bank and BNP Paribas, it is the same bank, the 100,000 euros only come in once. On the other hand, most online banks, such as Boursorama, Fortunéo or Monabanq, even if they are subsidiaries of other banks, have their own banking license and therefore are members of the FGDR on their behalf: if you are a customer of both of Fortuneo and its parent company Crédit Mutuel Arkéa, your capital is guaranteed up to a maximum of 100,000 euros on both sides (therefore potentially up to 200,000 euros).
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