ARTICLE
29 April 2014

Recast Deposit Guarantee Scheme Directive Adopted By The European Parliament

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A&O Shearman

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On 15 April 2014, the European Parliament adopted a recast Deposit Guarantee Schemes Directive which will replace the current Directive.
European Union Finance and Banking

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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