The European Banking Authority (EBA) has published a consultation paper on draft Guidelines on cooperation agreements between deposit guarantee schemes (DGSs).
The recast Deposit Guarantee Schemes Directive (DGSD) requires that, to facilitate effective co-operation between DGSs, the DGSs, or, where appropriate, the designated authorities shall have written cooperation agreements in place.
The draft Guidelines:
- specify the objectives and minimum content of those cooperation agreements, with the aim of ensuring a consistent and coherent approach across Member States, thus contributing to strengthen the European system of national DGSs;
- aim to facilitate entry into cooperation agreements between DGSs in order to ensure consistent application of the DGSD throughout the EU and ensure that such agreements include the necessary elements to ensure effective cooperation in case of an institution’s failure;
- include a multilateral framework cooperation agreement, which the DGSs should adhere to, still allowing for bilateral agreements in specific cases; and
- provide further guidance on the process of depositors’ payout for cross-border institutions.
Deadline for comments to the consultation paper is 29 October 2015.