Obligation to Provide Information

Article 5 of Decree-Law No 345/98 provides for the obligation of member institutions to provide information. In accordance with this Decree-Law, agricultural banks and the Central Mutual Agricultural Credit Bank shall make available to the public all the pertinent information on guarantee schemes on the deposits taken by them, including the amount, the scope of cover offered, and the maximum payout delay. Moreover, this information shall be made available at the branches, in a well identified place and in a readily comprehensible manner.

Decree-Law No 162/2009, which partially amended Decree-Law No 345/98, reinforced the obligation of institutions to provide information, in order to protect depositors. Therefore, according to this Decree-Law, institutions shall inform depositors whenever deposits are excluded from the guarantee of FGCAM and, on request, shall provide information on the conditions under which deposits covered by the guarantee may be repaid and on the procedures which must be followed to obtain compensation.

The obligation to provide information is also covered by Article 157 of the Legal Framework of Credit Institutions and Financial Companies (Decree-Law No 298/92) and, at supranational level, by Article 9 (1) of Directive 94/19/EC of the European Parliament and of the Council (as amended by Directive 2009/14/EC), which harmonises the legal provisions relating to deposit-guarantee schemes in EU Member States.