A report by the European Banking Authority (EBA) adopted at the end of October sets out some 30 proposals to improve the Directive (2014/49) harmonising national bank deposit guarantee schemes.
These proposals concern specific cases where there is a risk of money laundering. In particular, the European authority considers that European legislation should clarify the competence of national regimes to suspend repayment where there is a risk of suspicion of money laundering or terrorist financing. The same applies to the possibility for a national financial intelligence unit to ask a bank deposit guarantee scheme to suspend payment in the event of suspected money laundering.
Other proposals concern cases where investors lose access to their savings while the decision on the unavailability of funds has not yet been taken. The EBA also emphasises the importance of accurate and timely information for investors on their rights.
The Deposit Guarantee Directive protects investors in the European Union for the amount of €100,000. Some consider that incomplete harmonisation of national regimes is an obstacle to the completion of banking union in the euro area, through the establishment of a European Deposit Insurance Scheme (EDIS).
At the beginning of August, the European authority made initial recommendations on the minimum level of coverage and eligible deposits.
See the EBA report: http://bit.ly/2NDD7Bt (Original version in French by Mathieu Bion)