Database on German and European Economic Law

 Directive 2009/14/EC

I. Description

In times of volatile markets, one of the biggest concerns for depositors is the safety of bank deposits should their bank fail. Since 1994,  Community rules have ensured that all Member States have in place a safety net for depositors if banks fail. A review of these existing rules  published by the Commission in 20061 highlighted a number of areas where improvements could be  made. However, this report concluded that  at that stage many of the improvements could be achieved without amending the legislation. 

Events in 2007 and in 2008, and in particular the current turmoil on the financial markets, have exposed these deficiencies and their  consequences in terms of depositors' confidence to a new extent. Crucially, there is also increasing awareness that many savers could be caught  out, and not reimbursed in the event of a bank failure because their savings exceed the coverage levels in their country. The minimum coverage  level of €20.000 has not been adjusted since 1994 and is no longer adequate in a number of countries given the distribution of savings. There is  evidence suggesting that the competitive distortions created by different national measures are having a real and disturbing impact on deposit  taking. Moreover, the current payout delay of three months does not meet depositors' needs and expectations. 

The Council of the European Union agreed on 7 October 2008, that it is a priority is to restore confidence and proper functioning of the financial  sector. It committed to take all necessary measures to protect the deposits of individual savers and welcomed the intention of the Commission to  bring forward urgently an appropriate proposal to promote convergence of deposit guarantee schemes. Therefore, the Directive should be revised  in three key areas:
• Increase of the minimum coverage level
• Reduction of the payout delay to a maximum of 3 days
• Termination of co-insurance

II. General Information

Title

Directive 2009/14/EC of the European Parliament and of the Council of 11 March 2009 amending Directive 94/19/EC on deposit-guarantee schemes as regards the coverage level and the payout delay

Status
Existing
Directive
2009/14/EC
Source
O.J. EC No L (Legislation), Edition 68, Year 2009, p.3
Adoption
03/11/2009
Promulgation
03/13/2009
Character
Regular Act
Legal Basis
Art. 47 Abs. 2 EC
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text :
Directive 2009/14/EC of the European Parliament and of the Council of 11 March 2009 amending Directive 94/19/EC on deposit-guarantee schemes as regards the coverage level and the payout delay

  2009/14/EC

Beschluss:
03/11/2009 (A)
Verkuendung:
03/13/2009 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
12/18/2008
Report of the European Parliament - 1st reading
ABL EC No. C 45, p. 186
11/18/2008
Opinion of the European Central Bank
ABL EC No. C 314, p. 1
10/15/2008
Proposal
COM/2008/661

3. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Directive 94/19/EC

Legend

Legislative Act Status

Documents

This page is available in other languages.

Admin Navigation

Diese Seite durchsuchen

Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Legal Impact