Finance:Deposit Guarantee Scheme Directive
| European Union directive | |
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| Title | Deposit Guarantee Directive 2014 |
|---|---|
| Made by | European Parliament and Council |
| Current legislation | |
The Deposit Guarantee Scheme Directive 2014/49 also referred to as DGS Directive or DGSD (2014/49) is a Directive in EU law that requires bank customers' deposits are guaranteed by member states up to €100,000.[1]
Contents
Article 1 says the subject matter is rules about "deposit guarantee schemes". Article 3 requires member states designate relevant authorities. Article 6 requires that the "coverage level" is €100,000 "in the event of deposits being unavailable". It also requires greater coverage for 3 months to 12 months for residential transactions, social purposes or insurance and compensation money.
This directive updates the previous directive 94/19/EC of 30 May 1994 on deposit-guarantee schemes.[2]
Article 8 requires repayment within a maximum of 10 working days, and 7 working days from 2024.
Article 14 requires that the directive be implemented by member states by 3 July 2015. Article 5 sets out deposits excluded from coverage, including deposits by financial institutions, investment firms, insurance undertakings, and public authorities. Article 9 establishes that contributions to deposit guarantee schemes from institutions must be at least 0.8% of covered deposits by July 2024, though member states may set a lower target where the financial sector is highly concentrated.
Further reading
- Butler, Graham (2025). "Free Movement of Banks, Deposit Guarantee Schemes, and Dispute Resolution within the EU". Europarättslig tidskrift 27 (4): 589–608. doi:10.53292/445d5b7b.45c97f88. https://doi.org/10.53292/445d5b7b.45c97f88.
See also
- EU law
- UK enterprise law
References
- ↑ McGaughey, Ewan (2022). "10". Principles of Enterprise Law - The Economic Constitution and Human Rights. Cambridge University Press. ISBN 9781009045735. https://www.cambridge.org/gb/academic/subjects/law/corporate-law/principles-enterprise-law-economic-constitution-and-human-rights?format=PB.
- ↑ "Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes". EUR-Lex. May 30, 1994. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A31994L0019.
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