In advance of the XXL weekend, the board of directors of the Central Bank advanced its weekly meeting and on Wednesday decided update the guarantee limits that cover deposits in banks: for those that are made in pesos, he took it to the $50 million while those in foreign currency are covered by US$ 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 had been updated was in December 2022. At that time, Miguel Pesce, as head of the organization, had authorized the guarantee of pesos in the entities for up to $6 million. The update corresponds to an increase of 733% of this insured amount.
Is about an insurance that is applied per depositor and per entity. Bank deposits are guaranteed by Seguros de Depósitos SA (Sedesa). Thus, If a bank closes its doors or changes ownership, savers’ deposits, savings accounts and checking accounts have this support.
The organization and implementation of the bank deposit guarantee insurance system was established in Law 24,485 and was regulated in April 1995, by decree 540. For this purpose, Sedesa was created, a company whose shareholders are the Central Bank and financial entities, represented by Caja de Valores.
The participation in the trust that acts as a shareholder of Sedesa arises from the proportion of the contribution made by each institution, with respect to the contributions collected from the entire Argentine banking system, corresponding to each calendar year.
Financial institutions contribute to the Deposit Guarantee Fund to the extent that they receive capital. Therefore, When the stock of deposits grows, the equity that Sedesa has to respond also increases..
Banks are obliged to participate preventively: they make a monthly contribution based on the average daily deposits, both in pesos and in dollars, to have the means to respond to any risk situation for depositors. As of last March 21, The balance of this fund was $3,344,653,160,951.
This insurance applies to pesos placed in current accounts, demand accounts opened in Cooperative Credit Unions, savings banks, fixed terms, salary accounts and social security accounts and term investments.