Brussels, 26/05/2016 (Agence Europe) - Poland will have to explain before the Court of Justice of the European Union its reasons for not fully incorporating the deposit guarantee schemes (DGS) directive (DGSD) into national legislation, the European Commission decided on Thursday 26 May.
The DGS directive (Directive 2014/49/EU), the deadline for transposition of which was 3 July 2015, guarantees savers protection of deposits up to €100,000 per bank. It requires the member states to set up national guarantee funds with 0.8% of the covered deposits of its members by July 2024. In the event of a financial institution becoming bankrupt, the amount of time the deposit guarantee scheme has to pay out will be reduced from 20 days as at present to 7 working days by 2024 (15 days by 2019, 10 days by 2021).
At the Council meeting on Thursday, Mateusz Morawiecki, Deputy President of the Polish Council of Ministers, said that the Polish government had already approved the national draft text transposing the directive, which would be passed by the Senate on 8 or 9 June, Parliament having already done so.
Application of the DGS directive is a prerequisite for the creation of a European bank deposit guarantee system (EDIS), a legislative proposal currently on the tables of the Council and the European Parliament. At the end of 2015, 10 member states were ordered to transpose the directive (see EUROPE 11450). (Original version in French by Mathieu Bion)