Fundo Garantidor de Creditos

The Fundo Garantidor de Creditos (FGC) is a private, non-profit civil association created in Brazil on November 16, 1995 under Resolution No. 2,211 of the National Monetary Council to protect account holders, savers and investors by allowing them to recover deposits and credits held at a failed financial institution. Member financial institutions fund it by contributing 0.01 percent of their total deposit values, and it guarantees ordinary protection up to 250,000 Brazilian reais per person per institution across savings accounts, certificates of deposit and instruments such as real estate and agribusiness credit letters, with a special guarantee of up to 20 million reais for specified deposit types and an overall ordinary coverage cap of 1 million reais per person over a four-year period since December 2017.