The 1993 Banking Law created the Collective Deposit Guarantee Fund (FCGD). In 1996, Bank Al-Maghrib was entrusted with its management.
The FCGD aims at protecting depositors of banks in the event of unavailability of their deposits and other repayable funds.
The FCGD’s financing sources are the annual premiums, paid by each member banks.
In addition to the FCGD, the Banking Law No. 103.12, promulgated by Dahir No. 1-14-193 of 1st Rabii I 1436 (24 December 2014), created also the Deposit Guarantee Fund of the Participative Banks.
This Banking Law entrusted the management of these two Funds to the Société Marocaine de Gestion des Fonds de Garantie des Dépôts Bancaires (SGFG). The modalities and conditions of this management are set out in the Bank Al-Maghrib circulars and Decisions.
As of the end of December, 2021, the total assets of FCGD are valued at 29,67 billion dirhams, mainly placed in treasury bills with the following maturity:
| Resource | Amount (MDH) |
|---|---|
| Maturity up 1 year | 2.072 |
| Maturity over 1 year | 27.602 |
| Total | 29.674 |
In exceptional circumstances, when the available financial resources of the Fund, are insufficient to cover compensation payouts the SGFG, according to the banking law, to issue a bond or to levy additional premiums.
All Funds financial resources are invested in Treasury bills according to Bank Al-maghrib Circulars and the investment strategy approved by the SGFG’s Board of Directors. The main targets are:
- the minimization of risk
- the liquidity of investments,
- certain yields on investment as an additional goal.
All operations are done based on a procedure and audited within the corporation as well as by external auditor.