French Monetary and Financial Code
In forceI. - Credit institutions authorised in France adhere to the deposit guarantee and resolution fund under the deposit guarantee mechanism.
The deposit guarantee covers, up to a maximum limit, funds held in an account with a credit institution and denominated in euros or in the currency of another State, under the following conditions :
1° These funds must be returned by the credit institution to the holder in accordance with the applicable laws, regulations or contracts;
2° These funds do not constitute the pledge or the guarantee of a current commitment contracted by their holder towards the credit institution.
The deposit guarantee also covers sums corresponding to current payment transactions or transactions of a transitory nature, carried out for the benefit of an identified person and arising from normal banking transactions.
II. - The following account holders are not eligible for the deposit guarantee:
1° Credit institutions and investment companies for deposits made in their own name and on their own account ;
2° Finance companies as defined in II of article L. 511-1 for deposits made in their own name and on their own behalf;
3° Financial holding companies and parent companies of finance companies as defined in article L. 517-1 ;
4° Electronic money institutions for deposits made in their own name and on their own account;
5° Payment institutions for deposits made in their own name and on their own behalf;
6° Insurance and reinsurance undertakings;
7° Undertakings for collective investment
8° Pension funds;
9° The State, local and regional authorities and their cooperative establishments or groupings, as well as their foreign counterparts;
10° The institutions and services mentioned in Article L. 518-1.
III. - The following funds are excluded from the deposit guarantee, regardless of who holds them:
1° Deposits whose existence can only be proven by a financial instrument within the meaning of article L. 211-1 ;
2° Deposits whose principal is not repayable at par, or is repayable at par only by virtue of a specific guarantee or a specific agreement given by the credit institution receiving the deposits in question or by a third party;
3° Deposits having the character of own funds;
4° Deposits relating to transactions for which a final criminal conviction for money laundering within the meaning of Articles 324-1 et seq. of the Criminal Code has been handed down;
5° Anonymous deposits or deposits whose holder is not identified pursuant to articles L. 561-5 et seq;
6° Negotiable debt securities and other debt instruments issued by the credit institution.
