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What's the cap in France, Jerome? And does that cap cover all of one's deposits with one bank?

Hey, Grandma Moses started late!
by LEP (rafifoon@yahoo.com) on Fri Sep 26th, 2008 at 05:12:15 AM EST
[ Parent ]
From the Banque de France:

La garantie des dépôts The deposit guarantee
Les dépôts couverts par le mécanisme de garantie des dépôts sont définis comme tout solde créditeur résultant de fonds laissés en compte ou de situations transitoires provenant d'opérations bancaires normales... Le montant maximum de la garantie offerte est fixé à 70 000 euros par déposant. Il s'applique à l'ensemble des dépôts d'un même déposant auprès du même établissement de crédit, quels que soient le nombre de dépôts ou leur localisation dans l'Espace économique européen dans la limite du plafond précité.Deposits covered by the guarantee mechanism : deposits are defined as any credit balance resulting from funds left in transitional situations or from normal banking operations... The maximum amount of the guarantee shall be 70 000 euros per depositor. It applies to all deposits of one depositor with the same institution, regardless of the number of deposits and their location within the European Economic Area in the ceiling above.

I take that to mean €70K per bank a depositor may use.

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Sep 26th, 2008 at 05:26:14 AM EST
[ Parent ]
Thanks. I just borrowed a good amount of money from a U.S. bank and bought euros which are now in my French bank. I pay the U.S. loan back with my income in the U.S. as it arrives. This lest me lock in the exchange rate in the event of a dollar crash and it costs me about 6-7% in interest in the U.S. Happily, or unhappily, as you wish, I have less than 70,000 euros in my French bank.

Hey, Grandma Moses started late!
by LEP (rafifoon@yahoo.com) on Fri Sep 26th, 2008 at 05:40:24 AM EST
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