The Law No. 103.12 on Credit Institutions and Alike, promulgated by Dahir No. 1-14-193 of 1st Rabi I 1436 (December 24, 2014), has reviewed the functioning of the deposit guarantee system in Morocco and included provisions for the establishment of a limited company by Bank Al-Maghrib and credit institutions. This company is responsible, inter alia, for the management of the Collective Deposit Guarantee Fund (FCGD), which was set up in 1996 and of the Deposit Guarantee Fund of the Participative Banks.
The new provisions aim to enhance the governance of the deposit insurance system, which was previously managed by Bank Al-Maghrib, and to align with the core principles for effective deposit insurance systems, published by the Basel Committee and the IADI.
Moreover, and in line with these legal provisions, the company is called upon to contribute to handling of the difficulties of credit institutions, in particular by acting as a provisional administrator and by providing, on exceptional and prevention basis, the financial support through subordinated loans or equity investments.
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