The Council of the EU has announced that it has approved a political agreement with the European Parliament (EP) on the text of the proposed Directive recasting the Deposit Guarantee Schemes Directive (recast DGSD).
The recast DGSD seeks to improve the current Directive that protects savers with covered deposits of up to €100,000. It makes a number of changes including reducing further the time limit for paying out depositors from the current 20 working days to seven working days by 2024.
The Council is expected to adopt its position at first reading on the recast DGSD in early March 2014 without further discussion, once the text has been finalised in all EU languages. The EP is expected to acknowledge the Council’s position in March 2014 and to adopt the recast DGSD in April 2014.
The recast DGSD will then enter into force once it has been signed by both EU institutions and published in the Official Journal of the EU (OJ). Member States will then have one year after entry into force to transpose it into national law.
View Deposit guarantee schemes: Council confirms agreement with EP, 18 February 2014