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| 1. |
What is Fundo Garantidor de Créditos - FGC ? |
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It's a private institution responsible for the protection of checking/saving account holders and investors against financial institutions in case of intervention, liquidation or bankruptcy. |
| 2. |
What financial institutions are associated to Fundo Garantidor de Créditos - FGC? |
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As determined by Resolution 3,251 of December 16, 2004 members-institutions of the FGC are: multiple banks, commercial banks, investment banks and development banks, the Federal Savings Banks (the Caixa Econômica Federal), credit, financing and investment companies, real estate credit companies and savings and loan associations, operating in the country, that: |
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- Receive demand deposits, deposits in current accounts for investiments, saving accounts deposits and time deposits;
- Accept bills of exchange;
- Raise funds by issuing and placing real estate bills, mortgage bills, and real estates credit bills.
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| 3. |
Which of my credits are guaranteed by Fundo Garantidor de Créditos - FGC? |
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As determined by Resolution 3,400 of setember 6, 2006: the following credits are duly covered by the guarantee granted by the FGC: |
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- demand deposits or deposits drawn on prior notice;
- deposits in current accounts of deposits for investments;
- savings accounts deposits;
- time deposits, with or without the insuance of certificate;
- deposits in accounts not drawable, by means of checks and which are used for the registration and control of flows of funds for the purpose of paying salaries, wages, retirement payments, pension payments and other similar obrigations;
- bills of exchange;
- real estate bills;
- mortgage bills;
- real estates credit bills.
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The following itens are not covered by the guarantee |
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- deposits, loan or any other resources collected or raised abroad;
- operations related to program of government interested institued by law;
- judicial deposits;
- time deposits authorized to complete Level II of the Referency Equity(PR), as set forth under Resolution 2,837 dated May 30, 2001.
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| 4. |
What is the limit of value guaranteed by FGC? |
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The limit value, per institution, is R$ 60,000.00 (sixty thousands reais) per deposit holder or investor, independent of the total value and distribution of the deposit and investment |
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In case the credit holders are spouses or dependants how much is each one entitled to? |
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Spouses are considered separately whatever their marital law, so each one will receive up to the maximum value of R$ 60,000.00 (sisty thousand reais).The same happens to dependants.(Consult Limited Coverage). |
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Why isn't the money invested in Financial Investment Funds Guaranteed by FGC? |
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The Financial Investment Funds are institutions constituted as open condominiums. This is a reof clients' resources to be invested in different investment portfolios, with public records of security and documents. Usually these funds are managed by a financial institution and are under the supervision of Central Bank or CVM - Value Credit Commission - depending on its nature. |
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The bank legal entity doesn't have anything to do with the Investment Funds. When the bank is under intervention or settlement, the guarantee for the quota holders of this fund is their own investment portfolio, which follow specific regulations aiming at guaranteeing security and transparency. This way the client can consider profitability and risk when deciding to invest in Financial Investment Fund. |
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