The French Deposit Guarantee and Resolution Fund (FGDR) protects bank deposits in France up to €100,000 per depositor and per bank.
Why does the FGDR bank deposit guarantee not apply to Spiko products?
Spiko products (Spiko bons du Trésor and Spiko Smart Cash) are not bank deposits. They are funds (more precisely, UCITS) authorized by the Autorité des marchés financiers (AMF). As such, they fall under the regulatory framework that applies to funds, which is separate from the banking regime. The deposit guarantee therefore does not apply.
How are your holdings protected?
The UCITS regulatory framework is particularly protective for clients:
- Asset custody with a custodian bank: your holdings are held with an independent custodian. We have chosen CACEIS Bank, the Crédit Agricole group subsidiary specializing in asset custody. Your money is never held by Spiko, which protects it if Spiko were to fail.
- AMF supervision: our funds are authorized and supervised by the Autorité des marchés financiers.
- Independent audit of the accounts: PwC, the statutory auditor of the Spiko funds, audits their accounts.
- Guarantee for asset management company services: this FGDR guarantee of €20,000 applies to your Spiko fund units.
Can I lose money with Spiko bons du Trésor and Spiko Smart Cash?
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Money deposited in Spiko bons du Trésor is fully backed by Treasury bills (French, US, or UK, depending on the product). In theory, it could be at risk if the relevant state (France, the United States, or the United Kingdom) were to default on its short-term debt. Such a scenario is extremely unlikely: we consider that this type of sovereign backing is stronger than that of any single bank.
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Money deposited in Spiko Smart Cash is backed by a leading bank (BNP Paribas). If BNP Paribas does not fail, your funds are protected. If the bank fails, your money may be at risk. If so, your holdings remain protected by the securities owned outright by the fund, which would be liquidated as quickly as possible to limit any potential loss. If losses remained after liquidation of those holdings, the fund would have a senior claim against BNP Paribas. To learn more, read this article on our blog.