Transcript DGSD - Central Bank of Ireland

Deposit Guarantee Scheme Directive (DGSD)
Commission Proposal
July 2010
EU Parliament Draft Report
May 2011
Publication of Directive in the Official
Journal
June 2014
Envisaged entry into force of legislation
July 2015
Directive
Latest News
The European Parliament adopted the European Commission's proposal for a
revision of the Directive 94/19/EC on the Deposit Guarantee Scheme on 15 April
2014. On the 12 June 2014, the new Directive was published in the Official Journal of
the EU. The Directive is expected to be effective as of the 3rd July 2015 but there are
some transitional provisions (article 19) and implementing provisions (article 20)
that set out different deadlines, no later than 31 May 2016.
The EBA launched a consultation on Guidelines on payment commitments to deposit
guarantee schemes. These Guidelines are part of the EBA's work to promote a
consistent and coherent approach to deposit guarantee schemes across the
European Union. This consultation runs until 2 January 2015.
Overview
The European Commission issued a proposal in July 2010
recasting the Deposit Guarantee Scheme Directive. Negotiations
concerning the proposed Directive were significantly delayed
when the European Parliament’s position was rejected by the
Council, at first reading in 2012.
Political agreement was reached on 18 December 2013 between
the European Parliament and Council on the new rules for Deposit
Guarantee Schemes (DGS). The agreement came just days after
agreement on the bank recovery and resolution (BRRD), as
another important step towards completing the single rulebook
on crisis management for credit institutions in the EU.
The main elements of the political agreement reached in
December between the European Parliament and Council are:
• Depositors will continue to benefit from guaranteed coverage
and access to the guaranteed amount will be easier and faster
• Repayment deadlines will be gradually reduced on a phased
basis
• Financing requirements for deposit guarantee schemes
• Funding will include an element of risk-based contributions
• All non-financial companies are now included (formerly only
small companies were included)
• There is provision for voluntary lending between national
schemes and co-operation between national schemes in
relation to cross-border payments and for public information
about DGS coverage in a defined format.