The Interbank Deposit Protection Fund is a private-law Consortium established in 1987 on a voluntary basis. It has since become a mandatory Fund.
Participation in a deposit guarantee scheme recognized in Italy became mandatory in 1996 with the implementation of the first Directive on Deposit Guarantee Systems, 94/19/EEC. This principle was confirmed by Legislative Decree 30 of 15 February 2016, which transposed the new Directive 2014/49/EU (DGSD - Deposit Guarantee Scheme Directive) into Italian law. DGSD updated and broadened the regulations of 94/19/EEC, under the principles of maximum harmonization.
All Italian banks are members of the FITD, except for the cooperative banks, rural/raiffeisen banks (that are instead members of the Depositors Guarantee Fund of Credit Cooperative Banks) and branches of non-EU banks authorized in Italy if they already participate in an equivalent scheme in their home country.
Italian branches of EU banks also may adhere to FITD, in certain cases, to top up their home guarantee coverage.
The mandate of the FITD is to guarantee the deposits in the member banks, which provide the financial resources for FITD to accomplish its mission.
The institutional mandate is achieved through a variety of interventions conducted by FITD in favour of member banks when under compulsory administrative liquidation, in resolution or in special administration.
The activities of FITD are disciplined by its Statute and By-laws.
Pursuant to Art. 96-ter of the Legislative Decree 385/1993 (Italian banking Law), the Bank of Italy exercises specific powers of oversight on the deposit guarantee systems.
FITD is active in the world-wide network of deposit guarantee schemes and associations thereof for the purposes of cooperation, coordination and participation in drafting appropriate guidelines and rulings.