The Council of the EU has published the text of the proposed Directive recasting the Deposit Guarantee Schemes Directive (recast DGSD) that it adopted on 3 March 2014. The DGSD is aimed at further improving the protection of depositors’ savings by using measures such as simplifying pay-out arrangements and reducing the time limit for paying out depositors from the current 20 working days to 7 working days by 2024.

The Council has also published the final version of its statement of its reasons for adoption.

The European Parliament is expected to adopt the final text of the recast DGSD without amendment at second reading, which is expected at its plenary session between 14 and 17 April 2014.

View Position of the Council at first reading with a view to the adoption of a Directive of the European Parliament and of the Council on Deposit Guarantee Schemes (recast) – adopted by the Council on 3 March 2014, 4 March 2014

View Position of the Council at first reading with a view to the adoption of a Directive of the European Parliament and of the Council on Deposit Guarantee Schemes (recast) – Statement of the Council’s reasons – adopted by the Council on 3 March 2014, 4 March 2014