European Union:
Recast Deposit Guarantee Scheme Directive Adopted By The European Parliament
29 April 2014
Shearman & Sterling LLP
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On 15 April 2014, the European Parliament adopted a recast
Deposit Guarantee Schemes Directive (the "DGSD") which
will replace the current Directive. The recast DGSD will harmonise
the scope of covered deposits across the EU, confirm the level of
coverage at EUR100 000 per depositor per bank, reduce repayment
deadlines to 7 working days from 2024, exclude covered deposits
from the bail-in regime and ensure depositor preference in
insolvencies and resolutions.
The European Parliament's press release is available at: http://www.europarl.europa.eu/news/en/news-room/content/20140411IPR43458/html/Parliament-lifts-bank-bailout-burden-fromtaxpayers%E2%80%99-shoulders.
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