ECB Warns Of 'Little Progress' On Deposit Protection

Law360, London (November 12, 2020, 1:32 PM GMT) -- A European central banker said on Thursday that the European Union's stalled regime to protect cash deposits should be a major priority as member states recover from the COVID-19 crisis.

The bloc has made little progress on its proposed Deposit Guarantee Schemes Directive, Luis de Guindos, vice-president of the European Central Bank, said. He added that the program, which is intended to protect cash deposits held by lenders and make the EU more resilient to financial shocks, should be a top priority.

De Guindos said the deposit protection regime is the key missing element of the banking union project and that the...

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