Fondo de Garantias de Instituciones Financieras (Colombia)

The Fondo de Garantías de Instituciones Financieras (FOGAFÍN) is a financial authority affiliated with the Ministry of Finance and Public Credit in Bogota D.C. It is responsible for protecting the savings of citizens deposited in banks, financial corporations, financing companies, and specialized electronic deposit companies (SEDPES) that are obligated to be registered with FOGAFÍN. FOGAFÍN is part of the Security Network of the Colombian Financial System, which includes the Ministry of Finance and Public Credit, the Central Bank, and the Financial Superintendence of Colombia. To protect public savings and ensure the stability of the financial sector, FOGAFÍN applies various support operations to its registered entities to reduce or minimize the adverse effects of crisis situations in the financial system. It administers the Deposit Insurance and pays it to depositors of a registered entity in case it goes into liquidation. Additionally, FOGAFÍN monitors financial entities in takeover and liquidation processes. Through the Deposit Insurance, FOGAFÍN guarantees depositors the return of their money up to 50 million pesos per person and per entity in the event that the registered entity goes into liquidation.