Nature, Object and Management of FGCAM

FGCAM is a public-law legal person, with administrative and financial autonomy. The Fund has its head office in Oporto, on the premises of Banco de Portugal. The Bank shall ensure the technical and administrative services required for the smooth operation of the Fund.

The purpose of the Fund is to guarantee the repayment of deposits with the Central Mutual Agricultural Credit Bank and its associate agricultural banks, and to implement the measures deemed necessary to ensure the solvency and liquidity of member banks, thus protecting SICAM.

The Fund is managed by a Management Committee, which shall be responsible for carrying out, on behalf, by order of and for the account of the Fund, all actions and operations deemed necessary for or convenient to the accomplishment of its purpose. The Management Committee comprises three members. The chairperson – who is a member of the Board of Directors of Banco de Portugal – and two other members. One of them is appointed by the Minister of Finance and the other by the Central Mutual Agricultural Credit Bank.

The Board of Auditors of Banco de Portugal shall monitor the Fund’s activities, under the terms of the law.