The ECOFIN Council confirmed today the political agreement reached on 17 December 2013 between the European Parliament and EU member states on a draft directive recasting rules on Deposit Guarantee Schemes (DGS).

“We welcome the adoption of the agreement between the European Parliament and the Council on the recast Directive on Deposit Guarantee Schemes. It constitutes an essential instrument for strengthening financial stability and confidence for credit institutions in the EU internal market. It preserves the coverage level of  € 100,000 per depositor and per bank, harmonizing the framework for DGS across the European Union and ensuring a uniform, high level of protection for depositors in all Member States”, said ECOFIN President Yannis Stournaras.

The guarantee will continue to be offered in the form of repayment in case of a bank’s liquidation. The depositors will also have an easier and faster access to the guaranteed amount and will be provided with better information concerning the protection of their deposits by the guarantee schemes.