Connect with us

Banking

New EU rules agreed to protect bank depositors

SHARE:

Published

12 years ago

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.

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."

Share this article:

Share this:
Related Topics:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Advertisement

Trending