According to the European Central Bank, deposit insurance is 'no longer necessary' as the EU's primary keeper of monetary policy is pushing for banks to remove the insurance requirements that protected bank account holders in the case of a bail-in of their deposits.
Think they know something is coming and desperately need your money for a bail-in?
It is the ‘opinion of the European Central Bank’ that the deposit protection scheme is no longer necessary:
‘covered deposits and claims under investor compensation schemes should be replaced by limited discretionary exemptions to be granted by the competent authority in order to retain a degree of flexibility.’
To translate the legalese jargon of the ECB bureaucrats this could mean that the current €100,000 (£85,000) deposit level currently protected in the event of a bail-in may soon be no more.
But worry not fellow savers as the ECB is fully aware of the uproar this may cause so they have been kind enough to propose that:
“…during a transitional period, depositors should have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of a request.” – GoldCore
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