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New EU rules agreed to protect bank depositors

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Commenting on the approval of the deal between EU Governments and the European Parliament on EU-wide rules for deposit-guarantee schemes, Vice President of the Economic and Monetary Affairs Committee Labour MEP Arlene McCarthy said:  “We all remember the scenes in 2007 when hundreds of customers of Northern Rock queued to take their money out, with £1 billion removed in one day, and panicking that the bank would collapse.”

“These new EU rules will ensure depositors money is protected across Europe up to £85,000 or €100,000. In case of a bank bankruptcy, depositors will have access to their money quickly, within at least seven working days and those depositors who have more than £85,000 because they have just bought a house or received an a large insurance payment will also be protected. 

“These rules are important to draw a line under the mistakes that caused the financial crisis and to ensure depositors money is protected in case a bank fails."

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