The German Banking Industry Committee (GBIC) stresses that the protection of customer deposits is a top priority. It would therefore have been desirable to exempt customer deposits under €100,000 from Cyprus’s levy on savings. The legally enshrined protection for deposits up to €100,000 should be non-negotiable.
The German Banking Industry Committee has always argued against a single, EU-wide deposit guarantee scheme. Schemes should remain a matter for Member States. This stabilises financial centres and avoids the risk of contagion. For this reason, GBIC is also in favour of keeping the funding of resolution measures under a crisis management framework strictly separate from deposit protection.
The German Banking Industry Committee renews its call for the swift adoption of the European Deposit Guarantee Schemes Directive so that common EU-wide standards can finally be established for ex-ante funding, risk-based contributions and risk monitoring of banks. The European Council should reach out to the European Parliament and restart the stalled trilogue discussions on the Deposit Guarantee Schemes Directive.
Full press release
© BDB - Bundesverband Deutscher Banken
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