Fabian Demicoli

Consultation: Directive on Deposit Guarantee Scheme

 The European Commission (DG MARKT) started last week a  consultation on a review of the Directive on Deposit Guarantee Schemes and plans to present a proposal at the end of this year.

You may be aware that as a measure against the financial crisis the EU has increase the minimum coverage to € 50,000 respectively to € 100,000 by the end of 2010. Originally only private households was included in these minimum requirements for Deposit Guarantee Schemes and UEAPME lobbied for a directive, which also covered SME accounts, which was not fully successful. We did not get SME accounts into the minimum requirement for SMEs, but the restriction to households was also deleted. This means, currently the Member States have to decide, if they want to have SMEs covered by their guarantee schemes or not.

With this consultation DG MARKT wants to get information about the best regime after this crisis, especially as regards:

strengthen depositor confidence,

enhance financial stability,

protect a part of depositors' wealth,

enhance the Internal Market.

The consultation is open until 27 July 2009. Please visit:

http://ec.europa.eu/internal_market/consultations/2009/deposit_guarantee_schemes_en.htm

If you are answering the consultation directly, please send us a copy of your reply. In order to integrate your reply / comments in the official position of GRTU, please send your contribution not later than 21 July 2009.

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