Directive 2009/14 - Amendment of Directive 94/19/EC on deposit-guarantee schemes as regards the coverage level and the payout delay - Main contents
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official 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| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2009/14 |
| Original proposal | COM(2008)661  |
| CELEX number i | 32009L0014 |
| Document | 11-03-2009 |
|---|---|
| Publication in Official Journal | 13-03-2009; OJ L 68, 13.3.2009,Special edition in Croatian: Chapter 06 Volume 009 |
| Effect | 16-03-2009; Entry into force Date pub. + 3 See Art 3 |
| End of validity | 03-07-2019; Repealed by 32014L0049 |
| Transposition | 31-12-2010; At the latest See Art 2.1 |
13.3.2009 |
EN |
Official Journal of the European Union |
L 68/3 |
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
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 47(2) thereof,
Having regard to the proposal from the Commission,
Having regard to the opinion of the European Central Bank (1),
Acting in accordance with the procedure laid down in Article 251 of the Treaty (2),
Whereas:
(1) |
The Council agreed on 7 October 2008 that it is a priority to restore confidence and proper functioning of the financial sector. It undertook 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. |
(2) |
Directive 94/19/EC of the European Parliament and of the Council (3) already provides for basic coverage for depositors. However, the ongoing financial turmoil necessitates an improvement of that coverage. |
(3) |
The current minimum coverage level provided for in Directive 94/19/EC is set at EUR 20 000 with the option for Member States to determine higher coverage. However, this has proved not to be adequate for a large number of deposits in the Community. In order to maintain depositor confidence and attain greater stability on the financial markets, the minimum coverage level should therefore be increased to EUR 50 000. By 31 December 2010, coverage for the aggregate deposits of each depositor should be set at EUR 100 000, unless a Commission impact assessment, submitted to the European Parliament and the Council by 31 December 2009, concludes that such an increase and such harmonisation are inappropriate and are not financially viable for all Member States in order to ensure consumer protection and financial stability in the Community and to avoid distortions of competition between Member States. In the event that the impact assessment reveals that such an increase and such harmonisation are inappropriate, the Commission should submit appropriate proposals to the European Parliament and the Council. |
(4) |
The same coverage level should apply to all depositors regardless of whether a Member State’s currency is the euro or not. Member States outside the euro area should have the possibility to round off the amounts resulting from the conversion without compromising the equivalent protection of depositors. |
(5) |
A report to be submitted to the European Parliament and to the Council by the Commission should analyse all related issues such as set-offs and counterclaims, the determination of contributions to schemes, the scope of products and depositors covered, the effectiveness of cross-border cooperation between deposit-guarantee schemes and the link between deposit-guarantee schemes and alternative means for reimbursing depositors, such as emergency payout mechanisms. For the purpose of that report, Member States should collect the relevant data and submit them to the Commission on request. |
(6) |
Some Member States have established deposit-guarantee schemes under Directive 94/19/EC which provide full coverage for certain kinds of long-term deposits, such as claims on pensions. It is necessary to respect the rights and expectations of the depositors in such schemes. |
(7) |
Some Member States have established or plan to establish deposit-guarantee schemes under Directive 94/19/EC which provide full coverage for certain temporarily increased account balances. The Commission should assess, by 31 December 2009, whether... |
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