Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-16-Speech-4-223-000"
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"en.20120216.23.4-223-000"2
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"Existing national deposit guarantee schemes (DGSs) in the EU reimburse depositors in the event of failure of a credit institution up to a certain ceiling, known as the ‘coverage level’. During the financial and economic crisis, the coverage level was increased, pursuant to Directive 2009/14/EC of the European Parliament and of the Council, initially from EUR 20 000 to EUR 50 000 and, as of 1 January 2011, finally, to EUR 100 000 per depositor. At the same time, the time limit for paying depositors was reduced to a maximum of 30 working days. The increased level of protection improves depositors’ confidence and thus helps to prevent simultaneous withdrawals by many depositors, known as bank runs. However, a higher coverage level alone is not sufficient to protect depositors credibly. In order to counteract the danger of bank runs and prevent a possible destabilisation of financial markets, DGSs must also be adequately financed. Bringing the measures together in this directive will increase depositors’ confidence, promote the stability of the European financial system and help to build the single market."@en1
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