Collateral deposits

Products used to register an amount to the benefit of a different entity than the owner of the funds, in order to guarantee the performance of a service / the reimbursement of a loan / compliance with certain internal regulations.

Description

Collateral deposit for performance bonds - a bank deposit open in the name of the holder, upon request and in favor of the contracting entity, based on an agreement to supply products / services / works or on the documentation for submitting and drawing up tenders, in the event of public procurement contracts, for the management of the guaranteed amounts. The manner in which the performance bond is established and its value are set forth in the agreement between the contracting parties or in the documentation for submitting and drawing up tenders.

  • Beneficiaries: legal persons
  • Currency: lei/foreign
  • Amount: opening a collateral deposit for performance bonds is not limited by amount, since this is determined by contractual provisions or by the documentation for submitting and drawing up tenders
  • Validity: period comprised between the date of opening the deposit and the date of its settlement
  • Interest: variable

Collateral deposit for account managers - Deposit open in the name of the legal entity, which will highlight cash guarantees deposited for account managers/administrators/censors, according to the relevant legal provisions; the deposit is broken down into analytical accounts corresponding to each manager, natural person in part

  • Currency: lei/foreign
  • Minimum amount for establishment: there is no minimum threshold
  • Validity: period comprised between the date of opening the deposit (included) and the date of its settlement, meaning when the amounts are withdrawn

The opening of the collateral deposit is conditioned by the conclusion of an Agreement for recording guarantees for managers, between the bank and the requesting entity.

Feeding of the collateral deposit shall be made by cash deposits/bank transfer.

When opening collateral deposits for each manager, the legal person will submit, in the form of a register, the identification data of the managers and the relevant amounts.

The bank is bound to return the amounts deposited as guarantees in cash or by transfer, as follows:

  • to the manager/administrator/censor mentioned in the collateral deposit, based on the written notice sent by the legal person;
  • to the legal person, based on a request and a certified copy of the final enforceable title obtained against the manager/ proof of a previous payment, from its own funds, for the counter value of the guarantee and the associated interest (certified true copy of the receipt/payment order)

The settlement of the deposit is made upon a motivated request from the account holder, after the analytical accounts for each manager are liquidated.

Collateral deposit for guaranteeing credit products - A bank deposit representing a guarantee for a credit/underwriting/endorsement agreement offered by the bank.

  • Beneficiaries: legal persons
  • Currency: lei/foreign
  • Amount: the opening of collateral deposits is not limited by amount
  • Maturity: at least the day following the maturity date for the credit/underwriting/endorsement agreement, but not earlier than fulfilling all the obligations undertaken in the credit/underwriting/endorsement agreement - concluded with the bank

Interest: variable

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