Press Release: Financial services: Commission proposes self-regulatory improvements to deposit guarantee schemes

The European Commission has set out, in the form of a Communication, its approach to modernising current EU legislation on deposit guarantee schemes, which provide consumers with a safety net so that, if a bank fails, they will be able to recover at least €20,000 of their deposits. The Commission has concluded that while the current rules are sufficient for the time being, a number of self-regulatory steps could be taken to improve how schemes work cross-border within the EU. A more fundamental overhaul is considered premature at this stage, while any decision about further convergence of national rules and practices is tied to broader discussions on crisis management.

European Parliament: Article, 5.11.07: Deposit guarantee schemes: non-legislative improvements enough - for now http://www.europarl.europa.eu/news/expert/infopress_page/042-12645-309-11-45-907-20071105IPR12637-05-11-2007-2007-false/default_en.htm

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