Circular CSSF-CPDI 24/43

Purpose & Legal Context

This circular launches the regular survey of covered deposits held by:

• Credit institutions incorporated in Luxembourg,

• POST Luxembourg (for postal financial services),

• Luxembourg branches of credit institutions with headquarters in third countries.

The data collected is essential for the Depositor and Investor Protection Board (CPDI) to determine, under Articles 179 and 180 of the amended 2015 Law on credit institution failures, the annual contributions required in 2025 to:

1. Maintain the target level of the Luxembourg Deposit Guarantee Fund (FGDL), and

2. Build the buffer of additional financial means.

The methodology follows Circular CSSF-CPDI 20/21, as amended by 23/34.

Continuity with Prior Surveys

There are no changes in survey scope or procedures compared to previous quarterly circulars. The only updates apply to the reference date (31 December 2024) and the corresponding submission deadline. The annexed specifications remain unchanged.

Regulatory Reporting & EU Coordination

In line with EU regulations (Commission Delegated Regulation (EU) 2015/63, supplementing Directive 2014/59/EU), the average amount of covered deposits, calculated quarterly, must be sent to the Single Resolution Board (SRB) by 29 January 2025. These figures are used to determine the annual target for the Single Resolution Fund (SRF).

Definitions & Scope – What to Report

Definitions of covered deposits and eligible deposits are anchored in Article 163 of the 2015 Law. Also, previous circulars (CSSF-CPDI 16/02 as amended by 23/35) remain applicable—especially concerning:

• Treatment of omnibus accounts, fiduciary accounts, trust accounts, third-party accounts, sub-accounts, and segregated accounts.
  Institutions must take reasonable steps to identify and report the number of actual beneficiaries and their entitlements. Absent reliable data, the total amount in such accounts may be reported.

Accounts denominated in precious metals or virtual currencies (e.g. Bitcoin, Ether) are not eligible and must be excluded from the reporting.

Reporting Format & Channels

Institution-level reporting must include:

1. Consolidated data for the legal entity (including any branches in other EU Member States),

2. Separate reports for each individual branch located in another Member State.

Note: Deposits held at branches in the UK are not reportable, as FGDL coverage ceased from 1 January 2021.

As of 9 October 2023, reporting is done exclusively via:

• The CSSF eDesk platform, or

• A structured file via S3 (Simple Storage Service) protocol.
  A user guide on eDesk details submission procedures and validation rules. Even if there are zero deposits, institutions must still submit the form—indicating “0” in all fields.

Governance & Error Handling

Reports must be reviewed and approved by an authorized member of senior management (specifically the person responsible for FGDL membership) before submission, per Circular CSSF 13/555 as amended.