A fastener system for retaining a loose elongate fastener in a counterbore, including an elongate fastener, such as a bolt, having a head for being received and retained in a counterbore in a structure and in generally flush relation to a surface of the structure surrounding the counterbore, and a retaining member for being secured to the structure proximate the counterbore and overlapping the counterbore to trap the loose fastener in the counterbore.