EU Bank Regulator Sets Out Deposit Protection Payout Plan
Law360, London (October 31, 2019, 12:53 PM GMT) -- Europe’s banking watchdog has inched closer to implementing a bloc-wide regime to protect cash deposits by publishing recommendations for how and when banks should pay back consumers who lose their money when a lender collapses.
The European Banking Authority published an opinion on Thursday advising the European Commission on how it should implement its proposed Deposit Guarantee Schemes Directive, which aims to insure cash deposits held by banks and make the bloc more resilient in the face of financial shocks.
The commission, the European Union’s executive arm, has proposed that savings accounts of up to €100,000 ($110,000) in any eurozone bank...
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