A.H. Runge, Com’r Johnson, Geo. Hale (LOC) 
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(Title) proposals for measures to ensure depositors and investors in the event of a bank failure presented in Brussels the Commissioner for Internal Market, Michel Barnier. Provided common to all Member States to increase the amount of deposit insurance from € 50,000 to 100,000 and a refund within seven days.
The EU, according to Barnier proposed in bankruptcy to recover from the depositors’ money within seven days, to increase the coverage limit for bank deposits across the EU and to better inform the depositors of how and when protected.
«European consumers should make sure that the savings, investments and insurance policies are protected wherever they are in Europe,” said Barnier .
The committee maintains that the measures would take effect from 2012 and 2013 in all EU Member States as well as Norway, Iceland and Liechtenstein.
♦ Increasing the guaranteed return to 100,000 euros (50,000 at present) by the end of 2010 for deposits regardless of currency. The protection for deposits held in small, medium and large businesses and individuals.
♦ Faster compensation if an investment firm is unable to repay the investor’s assets because of fraud, wrongdoing or administrative operational errors. The amount of compensation is projected to increase from 20.000 to 50.000 euros.
The compensation will be made within nine months of the bankruptcy of investment firm.
Also announced by the EU The public consultation on improving the protection of policyholders. Propose a directive on minimum set of requirements.
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12-7-2010
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