| Author (Corporate) | European Commission |
|---|---|
| Series Details | COM (2015) 586 |
| Publication Date | 24/11/2015 |
| Content Type | Policy-making |
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Summary: Legislative initiative presented by the European Commission in November 2015, which aims at the establishment of a European Deposit Insurance Scheme (EDIS). Further information: This initiative is put forward in the context of the creation of a Banking Union, which would shift supervision to the European level by establishing an intergrated framework for bank crisis management and a common system for deposit protection. Setting up a Eurozone-wide integrated deposit insurance scheme would cover the latter element, and also contribute to the deepening of the Economic and Monetary Union (EMU) as prioritised by the Five Presidents' Report. This proposal was adopted as part of a broader package of measures outlined in a Communication on completing the banking union adopted in parallel. The legislative proposal envisages the establishment of a European Deposit Insurance Scheme (EDIS) as the third pillar of Banking Union in three successive stages: a reinsurance scheme for participating national Deposit Guarantee Scheme (DGS) in a first period of three years, a co-insurance scheme for participating national DGSs in a second period of four years, and full insurance for participating national DGSs in the steady state. The proposal was adopted by the European Commission on 24 November 2015. The co-legislators carried out a series of discussions on this proposal but soon became visible the difficulties in adopting their respective negotiating positions. In October 2017, the Commission published an additional Communication which included a timeline aimed at facilitating progress on this file. The need for a European deposit insurance scheme continued to be noted on different occasions thereafter, but without formal progress on the draft law. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2015:586:FIN |
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| Subject Categories | Economic and Financial Affairs |
| Subject Tags | Banking Union, Economic and Monetary Union [EMU], Economic Governance | Situation |
| Keywords | Banks | Banking, European Deposit Insurance Scheme (EDIS) |
| International Organisations | European Union [EU] |
