Deposit funds guarantees under romanian and european law

• Author: Rada Postolache
• Position: Faculty Faculty of Law and Social-Political Sciences, the Social-Political Sciences Department, Valahia University, Targoviste, Romania
• Pages: 52-57

AGORA International Journal of Juridical Sciences, www.juridicalj ournal.univagora.ro

ISSN 1843-570X, E-ISSN 2067-7677

No.1 (2012), pp. 123-128

123

DEPOSIT FUNDS GUARANTEES UNDER ROMANIAN AND EUROPEAN LAW

R. Postolache

Rada Postolache

Faculty Faculty of Law and Social-Political Sciences, the Social-Political Sciences

Department,

Valahia University, Targoviste, Romania

*Correspondence: Rada Postolache, Valahia University, 8-10 oseaua Geti St., Targoviste,

Romania

E-mail: radapostolache@yahoo.com secretariatcatedra_fsjsp@yahoo.co m

Abstract

Maintaining the trust of depositors in the R omanian banking system is ensured,

essentially, through the institutionalising of a system of guarantees, ensuring the

reimbursement of the deposited sums, within a certain limit and based on a strictly regulated

procedure, both und er internal and community law, procedure that is the subject of analysis

in this paper.

Key words: deposit guarantee fund, guaranteed deponent, compensa tion

Introduction

With a large number of people using banking services, the domain became

publicised, contracts being signed with great prude nce from the banks. This prudence, on the

one hand, imposes the guarantee of the contracts’ execution and, on the other hand, limits or

forbids certain o perations, leading even to the decision to obligate certain authorities in the

field to report – thus, the procedure is both ‘governed’ and ‘ensured’. Moreover, the

juridical inequality imposes the protection of the client – consu mer of banking services,

through juridical techniques con ceived by the legislator, mainly, via the guarantee fund of

deposits.

1. Deposit guarantee under Romanian and EU law

The deposit fund has been rel atively recently regulated by the Civil Code

1

, art. 2191

– its dispositions are though limited to its obj ect and to the translative effect of property that

it has. Not even the special law - the Emergency Government Ordinance (E.G.O.) no.

99/20066 regarding credit institutions and capital adequacy

2

doesn’t regulate the deposit fund

in its essence; it operates with the expression ‘attracting deposits or other re imbursable

funds’, article 5, article 7 point 1, article 18 paragraph (1) letter a), art. 22 paragraph (2),

letter c), when it defines the banking activity or when it decides on the activities t hat can be

carried by the credit i nstitutions and their limits. Preoccupied with safeguarding credit

* Lecturer doctor, “Valahia” University of Târgovite, Faculty of Law and Social-Political Sciences, Social-Political

Sciences Department, radapostolache@yahoo.com

1

Law no. 287/2009 on the Civil Code, Official Romanian Gazette, part I, no. 511 from July 24

th

2009, modified by

Law No. 71/2011, Official Romanian Gazette, part I, no. 409 from June 10

th

2011, republished, Official Romanian

Gazette, part I, no. 505 from July 15

th

2011, in force from October 1

st

2011.

2

Official Romanian Gazette, part I, no. 1027 from December 27

th

2006, called herein the special law or the

Emergency government ordinance no. 99/2006