Brussels, 19/02/2014 (Agence Europe) - On Tuesday 18 February, the EU Council of Ministers confirmed a political agreement had been reached with the European Parliament aimed at further harmonising EU rules on deposit (savings) guarantee schemes (see EUROPE 10987). The draft directive confirms the protection for savers of the first €100,000, simplifying and harmonising coverage and pay-out arrangements (20 working days at present, 15 days by 2019, 10 by 2021 and 7 by 2025). Depositors will have better access to information about the protection of their money and will no longer have to request repayment if they cannot get access to their assets. All banks will be requried to join a DGS and will have to pay ex ante contributions of at least 0.8% of guaranteed deposits over a ten-year period. If necessary, national DGS will be able to issue loans on a voluntary basis. The legislation had been in deadlock for two years, but inter-institutional agreement was reached following breakthroughs in the talks on the BRRD directive harmonising bank resolution schemes (see EUROPE 10983). Ministers are expected to adopt their position in their first reading of the directive in March and the European Parliament is expected to adopt it in its second reading at the plenary in April. Member states will have a year to introduce the new rules into their own legilsation. (MB/transl.fl)