The European Forum of Deposit Insurers (EFDI) was initially established in October 2002 in Vienna by 25 Deposit Guarantee Schemes (DGSs).

Considering the EC’s growing interest in EFDI and its increasing responsibilities,  EFDI decided to change its legal status and become an International Non profit Association in Belgium. EFDI became formally an INPA on the 22nd of June 2007.

EFDI now represents 52 DGSs from 37 countries of the European Area.

EFDI was originally founded because the European DGSs felt the need to convene in order to contribute to the stability of the financial systems, while promoting European co-operation in the field of deposit guarantee.
Since its very beginning, EFDI has aimed at facilitating dialogue among members as well as  exchanging expertise and information on issues of mutual interest and concern.
Moreover, EFDI is also committed to:

• discussing common topics;
• exploring cross-border issues including improvements in co-operation between European     countries;
• being the liaison with non European DGS;
• discussing the application of the EU Directive 94/19/EC on Deposit Guarantee Schemes;

                     
During its first two years, the European Forum’s primary aim was to encourage members to meet, communicate and share information and experiences. Then, EFDI's activities also concentrated on further exploring institutional problems and organizing various seminars for its members..

EFDI has also collaborated with major international financial organisations like the European Central Bank (ECB), the Committee of European Banking Supervisors (CEBS), the World Bank (WB), the International Monetary Fund (IMF), the European Financial Services Roundtable (EFSR), the European Banking Federation (EBF), the International Association of Deposit Insurers (IADI), the Federal Deposit Insurance Corporation (FDIC) and many others.

After an explicit request by the European Commission (EC), EFDI began playing a primary role as a reference point for institutional environments and acting as an interface for the review of the 19/94/EC Directive on Deposit Guarantee Schemes. Several months ago, following the EC’s  request, EFDI established five working groups, among its members. The goal of these groups is to analyse the six topics that the EC was been focusing on during the review of the 19/94/EC Directive. With these groups, the EC would like to plan and draft non binding master agreements and self – regulatory guidance for European DGSs.
 The working groups are carrying out the following:

• Survey on savings products covered under national DGS;
• Draft of a non-binding 'master agreement' on topping up arrangements;
• Draft of a non-binding model agreement on exchange of information between DGS;
• Development of common voluntary approaches for the inclusion of risk based elements for DGS
• Improvement of comprehensible information about DGS coverage to consumers; identification of deficiencies and agreement and promotion of best practices
• Improvement of payment delays to depositors; survey among DGS on delays and best practices
• (EFDI established five working groups and not six because the second and the third  activity are being carried out jointly.)

As far as regards future tasks and in addition to all the previous commitments, EFDI will investigate, analyse and explore cross border issues, burden sharing and DGS efficiency in a financial crisis and many other matters. Furthermore, seminars and meetings on main topics will be organised under the aegis of the association with the collaboration of all its members.