EU banks set to pay into standing fund after deal clinched

European Union lawmakers clinched a deal on a bill that will force banks to pay into standing funds that would be tapped to protect depositors when lenders fail.

18th December, 2013
The Directive on Deposit Guarantee Schemes, as the draft law is known, is part of the EU’s push to centralise control of financial services.

European Union lawmakers clinched a deal on a bill that will force banks to pay into standing funds that would be tapped to protect depositors when lenders fail.

The European Parliament and officials from Lithuania, which holds the EU’s rotating presidency, agreed late yesterday that each of the bloc’s countries should build up a bank-financed fund equivalent to 0.8 per cent of guaranteed deposits. Both parliament and member states must pass the compromise bill for...

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