The Italian Deposit Guarantee Scheme (DGS) Administration, known as the Fondo Interbancario di Tutela dei Depositi (FITD), is a legal authority mandated to protect account holders by providing a safety net in case of a bank failure. Established in 1987, the FITD is a private consortium of banks that aims to safeguard depositors’ interests and maintain public confidence in the Italian banking system. Deposit insurance is essential because it reduces the risk of bank runs, encourages savings, and promotes financial stability.

The Italian DGS operates under a “paybox” model, which means it is responsible for reimbursing depositors up to the coverage limit of €100,000 in case of a bank’s insolvency. This limit applies per depositor and per bank, ensuring that small depositors are protected. To fund the DGS, all participating banks are required to contribute to the FITD based on their relative risk profiles. The scheme ensures timely payouts, usually within seven working days, to depositors in case of a bank failure, thus mitigating panic and promoting financial stability.

The FITD is governed by a Board of Directors, which is responsible for decision-making and overseeing the management of the scheme. The Board comprises representatives from member banks, who are elected during the General Assembly. The operational activities are managed by a dedicated executive team, while the Bank of Italy provides supervision and regulatory oversight.

For further information or assistance, you can reach the FITD at their Rome office: Via delle Botteghe Oscure, 46, 00186 Rome, Italy, or by email at [email protected].