Operation could generate up to R$40 billion in reimbursements to the institution’s creditors
The FGC (Credit Guarantee Fund) began this Saturday (17 January 2026) the process of paying the guarantee to investors who had investments in and linked institutions, marking the largest operation of this type in the history of the Brazilian saver protection mechanism.
The announcement was made by the FGC itself, to creditors who complete the registration and request for reimbursement on the entity’s application.
The payment schedule began after , decreed by the Central Bank in November 2025. To have , investors must access , register their data and follow the confirmation steps and indicate the bank account where the credit must be made. Once this phase is completed, the amount is credited within 2 business days to the indicated account. In the case of a legal entity, the request must be made through the FGC Investor Portal.
According to the fund’s rules, the guarantee covers up to R$250,000 per CPF (Individual Person Registry) or CNPJ (National Legal Entity Registry) per financial institution. This limit applies to each institution or financial conglomerate, and there is a rule that, in situations where more than one settlement occurs within a period of 4 years, the global coverage ceiling per creditor can reach up to R$1 million.
It is estimated that around 800,000 people and companies will be assisted in this reimbursement process. In total, the guaranteed credits add up to values that can reach approximately R$41 billion, which makes this the largest intervention by the FGC since its creation, even surpassing emblematic cases from the past.
The FGC is maintained by monthly contributions made by banks and other financial institutions. The fund accumulates this money over time to act in interventions and liquidations of financial institutions. A disbursement of this magnitude will consume a significant portion of the FGC’s assets, reducing its financial slack.
Although the fund has the capacity to raise resources, a rescue of this size puts pressure on the system and reduces the safety cushion in the short term.
Payments begin after a longer waiting period than seen in recent bank settlements. Normally, after the settlement is declared by the Central Bank, the process of sending and consolidating the list of creditors takes around 30 working days, a period that was extended due to the complexity and volume of data involved in the Master case.
The FGC alerts investors to the risk of fraud attempts, which may occur through false electronic messages or calls requesting the provision of personal data or payments. The entity reinforces that the payment process does not involve intermediaries or charging fees, and that legitimate notifications will only be sent through official channels and the institution’s application.
