The General Councillor for SDP (the Social Democratic Party), Víctor Naudi, presented eight amendments to the draft law regulating the Andorran Deposit Guarantee Fund and the Andorran Investment Guarantee System (SAGI). The amendments are aimed mainly to keep the sum of 100,000 euros coverage per account holder in the event that there is a problem of liquidity in a bank, as opposed to the one proposed by the Government of Andorra, namely by reducing the amount of coverage to 20,000 euros.
Víctor Naudi considers the reduction inadequate, because in his opinion, «there may be repercussions in the confidence of deposit accounts and investors in banking entities and financial institutions that offer investment services and participate in the SAGI and that are authorized to operate in Andorra (Pyrenees)»
The General Gouncillor also considers that it is not acceptable to establish this limit of 20,000 euros, since the directive refers to this figure as a minimum value and, therefore, the EU can place this limit above this amount. In addition, he does not see it correct to establish that the expenses of the Andorran Deposit Guarantee Fund have to be borne equally by the member entities. For this reason, Naudi proposes that those expenses «be borne proportionally depending on the amount of the guaranteed deposits of each entity on the total of the guaranteed deposits of the members of the Fagade».
See also Andorra banks
