29/11/2006 (Agence Europe) - On Tuesday 28 November, the European Commission adopted a communication on the implementation of directive 94/19/EC on deposit guarantee schemes. This directive requires Member States to set up compensation schemes, allowing depositors to recover at least €20,000 should the bank which is handling their savings fail. Acknowledging that the level of deposit guarantees and the operation of the various schemes differ across the EU, the Commission nonetheless felt that there was no justification for any change in the European minimum level of €20,000 for the moment. It also believed that self-regulatory measures could be taken to improve the cross-border operation of national systems. These measures would relate to topping up agreements, reductions in the time it takes for depositors to receive compensation and improving exchange of information between schemes. (mb)