The 2024 Financial Report, released today, indicates a profit increase from 42.7 million euros in 2023 to 60.8 million euros in 2024, marking a record high since its inception.
In a statement from the Chairman of the Managing Committee, Luís Máximo dos Santos emphasized that “the Fund’s own resources increased by 62.1 million euros, largely due to achieving a net profit of 60.8 million euros.”
This outcome was primarily driven by the “income generated from the Fund’s resources, reaching 56.8 million euros, and to a lesser extent, from fines imposed by the Bank of Portugal, which by law constitute FGD revenue (4.2 million euros),” he noted.
Contributions from participating institutions amounted to 1.3 million euros, less than half of the 2.7 million euros required in 2023, Máximo dos Santos observed.
The FGD has also continued its process of settling irrevocable payment commitments, receiving 97.2 million euros in 2024, bringing the total collected over the past two years to 347.6 million euros.
This process is not yet complete, with the balance of irrevocable payment commitments standing at 96.2 million euros by the end of 2024.
Máximo dos Santos also highlighted that the FGD’s own resources amounted to 1,787.4 million euros at the end of 2024, representing about 0.95% of the total deposits covered by the Fund’s guarantee, a slightly lower ratio than the 0.98% recorded at the end of 2023, reflecting the fact that covered deposits increased more than the Fund’s own resources.
“Nevertheless, this ratio continues to exceed the 0.8% threshold stipulated in Directive 2014/49/EU, affirming the strength of the national deposit guarantee system,” he assured.
The report states that last year, 100 credit institutions participated in the Fund, comprising 25 banks, two savings banks, five credit unions not belonging to SICAM, and 68 credit unions within SICAM, including the Central Agricultural Credit Union.
