Circulaire CSSF – Circulaire CSSF-CPDI 23/37

Circular CSSF-CPDI 23/37 aims to conduct a regular survey on deposits, with a particular focus on covered deposits, as held by various institutions under Luxembourg law and branches of credit institutions headquartered in a third country, as of 30 June 2023.
The definition of „covered deposits“ and „eligible deposits“ is provided in Article 163 of the BRRD Law. Circular CSSF-CPDI 16/02, as amended by Circular CSSF-CPDI 23/35, must be considered, especially regarding the exclusions of structures assimilated to financial institutions and the treatment of accounts where the holder is not absolutely entitled to the sums in the account (e.g., omnibus accounts, fiduciary accounts, trust-held accounts, third-party accounts, sub-accounts, segregated accounts).
When the account holder differs from those absolutely entitled to the sums, the FGDL members should obtain regular information on the number of identifiable and eligible persons entitled to the sums in the account, as well as the amounts each is entitled to, to accurately report the amount of covered deposits and claims to the CPDI. In the absence of reliable and up-to-date estimates, the total amount of omnibus accounts must be reported.
Accounts denominated in precious metals (e.g., gold, silver) or virtual currencies (e.g., Bitcoin, Ether) are not considered eligible deposits and should not be reported in this data collection.
FGDL members are required to provide the data at the legal entity level, including data from branches in other Member States, by 25 August 2023. This data is essential as it determines the contribution to the Resolution Fund.
To transmit the data, institutions should complete the provided table attached to the circular. The completed document must not be altered in structure, and information should be entered only in white fields. The file naming convention must be followed, and the completed document should be transmitted via secured channels (E-File or SOFiE) in „.xlsx“ format.
Institutions must contact specific individuals for error correction or omissions in the transmitted data.
Given the survey’s significance, a member of the authorized management, responsible for FGDL membership, must review and approve the document before transmission to the CSSF.
Annex 1: Table for the survey
Annex 2: Specifications for filling in the data collection template