Before the XXL weekend, the Central Bank’s board of directors continued its weekly meeting and made its decision on Wednesday update the guarantee limits covering deposits with banks: for those made in pesos, he took it to the $50 millionwhile those in foreign currencies are covered by $100,000.
The measure was made official in Communication A 7985 and responds above all to an adjustment for inflation: The last time this amount was updated was in December 2022. At that time, Miguel Pesce, as head of the organization, had authorized the guarantee of pesos in institutions up to $6 million. The update corresponds to a 733% increase in this sum insured.
Regard an insurance that is applied per depositor and per entity. Bank deposits are guaranteed by Seguros de Depósitos SA (Sedesa). As, If a bank closes its doors or changes ownership, savers’ deposits, savings accounts and current accounts benefit from this support.
The organization and implementation of the bank deposit guarantee insurance system was established with law 24.485 and was regulated in April 1995, with decree 540. For this purpose, Sedesa was created, a company whose the shareholders are the Central Bank and financial institutions, represented by Caja de Valores.
Participation in the trust fund acting as a shareholder of Sedesa derives from the proportion of the contribution made by each institution, compared to the contributions collected by the entire Argentine banking system, corresponding to each calendar year.
Financial institutions contribute to the Deposit Guarantee Fund to the extent they receive capital. Therefore, When the stock of deposits grows, the capital that Sedesa must respond to also increases..
Banks are obliged to participate in advance: a monthly contribution based on average daily deposits, both in pesos and in dollars, to have the means to respond to any risk situation for depositors. Starting from last March 21st, The balance of this fund was $3,344,653,160,951.
This insurance applies to pesos deposited in checking accounts, demand accounts opened at cooperative credit unions, savings banks, term accounts, salary accounts and social security accounts, and term investments.
Source: Clarin
