A stronger Banking Union: New measures to reinforce deposit protection and further reduce banking risks

EU News 347/2015

Strasbourg, 24 November 2015
IP/15/6152

Today, the Commission has proposed a euro-area wide insurance scheme for bank deposits and has set out further measures to reduce remaining risks in the banking sector in parallel.

The recent crisis has shown that large economic and financial shocks can weaken confidence in the banking system. The Banking Union was established to underpin confidence in participating banks: a European Deposit Insurance Scheme (EDIS) will strengthen the Banking Union, buttress bank depositor protection, reinforce financial stability and further reduce the link between banks and their sovereigns.

Today's measures are one of a number of steps set out in the Five Presidents' Report to strengthen the EU's economic and monetary union. The Commission’s legislative proposal would guarantee citizens' deposits at the euro area level. The proposal is accompanied by a Communication, which sets out other measures to further reduce remaining risks in the banking system in parallel to the work on the EDIS-proposal.

Source and additional information:
http://europa.eu/rapid/press-release_IP-15-6152_en.htm?locale=en

Video File: Message by Jonathan Hill (C)EU, 2015 URL

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