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The Deposit Guarantee Fund (Portuguese acronym: FGD) was created on January 27 by Law No. 07/IX/2017 as an integral part of the Guarantee System set forth in Article 51 of Law No. 61/VIII/2014, and its purpose is to protect depositors in the banking system, contribute to maintaining financial system stability, and mitigate the effects of a possible banking crisis. 

It is managed by a Steering Committee that was appointed under the terms of Article 2 (2) of Notice No. 8/2017, dated 3 October. It is responsible for, on behalf and by order of the Fund, carrying out all acts and operations necessary or convenient for achieving its purpose. 

The Steering Committee is made up of the following members: The Chairman, Dr. Carlos Benoni de Brito Rezende Costa; the representative of financial institutions, Dr. Maria de Fátima Jesus de Pina Veiga Pires, and Banco de Cabo Verde representative, Dr. Salomé Rodrigues. 

In fulfilling the purposes of the FGD, 

1) Banco de Cabo Verde is responsible for providing the technical and administrative services that are essential for the FGD to operate properly. 

2) And Banco de Cabo Verde’s Audit Committee is responsible for monitoring the Fund's operation and ensuring compliance with existing laws and regulations, as part of the supervisory powers that are established in Article 20 of Law No. 07/IX/2017.