Circulaire CSSF-CPDI 23/39

Circular CSSF-CPDI 23/39, serves the purpose of conducting a routine survey on deposits, with a specific focus on covered deposits. The survey is relevant to credit institutions incorporated under Luxembourg law, POST Luxembourg providing postal financial services, and Luxembourg branches of credit institutions based in third countries as of 31 December 2023.
The data collected will facilitate the CPDI in determining contributions outlined in Article 179 of the law of 18 December 2015 (BRRD Law) on the failure of credit institutions and certain investment firms. Furthermore, it aids in calculating contributions to the buffer of additional financial means in 2024, as per Article 180 of the 2015 Law. The calculation aligns with Circular CSSF-CPDI 20/21, as amended by Circular CSSF-CPDI 23/34.
In accordance with Article 16, paragraph 1, of the Commission delegated regulation (EU) 2015/63, the quarterly average of covered deposits will be transmitted to the Single Resolution Board by 29 January 2024. This information is pivotal in determining the Single Resolution Fund’s annual target level.
The circular emphasizes the definition of „covered deposits“ and „eligible deposits“ in Article 163 of the 2015 law. It incorporates Circular CSSF-CPDI 16/02, as amended by Circular CSSF-CPDI 23/35, detailing exclusions and treatments of various account structures, such as omnibus accounts and fiduciary accounts. Institutions are urged to obtain accurate information on eligible persons and covered deposits, especially when account holders differ from those entitled to the sums.
Accounts denominated in precious metals or virtual currencies are explicitly excluded from eligible deposits for FGDL guarantee purposes. Reporting standards are outlined for the breakdown of omnibus accounts and similar account types based on the legal status of the account holder.
To fulfill cooperation duties within the European Union, FGDL members must provide data at the legal entity level, consolidating branches in other Member States. The deadline for this data submission is 18 January 2024. Reporting is required through specific means – CSSF eDesk platform or a structured file through S3 protocol, with detailed instructions available. Notably, the reporting of deposits held in the United Kingdom ceased as of 1 January 2021.
Institutions are guided through the technical procedures via an available user guide on the eDesk platform. Even if there is no amount to report, the transmission remains mandatory, and a value of „0“ must be indicated. In case of errors or omissions, institutions are instructed to contact specified individuals promptly. The importance of this survey necessitates a review and approval by a designated member of the authorized management.
For inquiries related to this circular, institutions are directed to contact Mr Marc-Antoine Bonamour (marc-antoine.bonamour@cssf.lu).