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REPORT (COM(2015)0586 – C80371/2015 – 2015/0270(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 806/2014 in order to establish a European Deposit Insurance Scheme

A-9-2024-0182

Committee on Economic and Monetary Affairs · Rapporteur: Othmar Karas

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Parliament's amended version of the Commission proposal amending Regulation (EU) 806/2014 establishes a European Deposit Insurance Scheme (EDIS I), a liquidity scheme for participating deposit guarantee schemes (DGSs). EDIS I is administered by the Single Resolution Board and supported by a Deposit Insurance Fund (DIF), financed by transfers from participating DGSs of contributions collected from banks. The DIF provides liquidity support to participating DGSs facing a payout event, resolution or measures under Directive 2014/49/EU, capped at 10 times the DGS target level. If DIF funds are insufficient, other participating DGSs must lend to the DIF, capped at 30% of each DGS target level after the build-up phase, decreasing from 60%. The Commission must review EDIS I and the completion of the banking union, and may propose extending EDIS I to a full insurance scheme with loss coverage.

Committee position. The Committee on Economic and Monetary Affairs proposes amendments to the Commission proposal to establish EDIS I as a liquidity scheme, with a Deposit Insurance Fund, mandatory lending between DGSs, and reviews on completing the banking union.

Key points

  1. EDIS I operates as a liquidity scheme providing loans to participating DGSs, with the aim of later establishing a full insurance scheme with loss coverage.
  2. EDIS I applies to participating DGSs and credit institutions affiliated to them in Member States whose currency is the euro or in close cooperation with the ECB.
  3. The DIF provides liquidity support when a participating DGS faces a payout event, is used in resolution, or finances measures under Article 11(3) or (6) of Directive 2014/49/EU.
  4. Outstanding cumulative funding from the DIF to a participating DGS must not exceed 10 times that DGS's target level.
  5. If DIF funds are insufficient, the Board borrows from other participating DGSs through mandatory lending, capped at 30% of each DGS target level after the build-up phase.
  6. During the build-up phase, mandatory lending limits decrease from 60% to 50%, 40% and 30% of each DGS target level over three years.
  7. Liquidity support must be repaid within six years under a repayment plan, with minimum average annual repayments of 16.67% and possible extension of up to 4 years.
  8. No interest is charged up to the amount of a DGS's contributions to the DIF; interest applies above that, at the ECB marginal facility rate and increasing by 0.25% per year.
  9. The Commission may disqualify a participating DGS from liquidity support exceeding its transferred contributions if it breaches obligations or acts against sincere cooperation.
  10. The DIF target level is 50% of the DGS target level under Directive 2014/49/EU, to be reached within three years of entry into force.
  11. The Board decides on liquidity support within 24 hours in executive session; the DGS or designated authority may request review within 24 hours.
  12. The Commission must review EDIS I and the completion of the banking union, and may propose extending EDIS I to a full insurance scheme with loss coverage.

Who is affected

  • Participating deposit guarantee schemes: must provide mandatory lending, transfer contributions to the DIF, and repay liquidity support.
  • Credit institutions affiliated to participating DGSs: contribute to the DIF based on covered deposits and a risk-adjustment factor.
  • The Single Resolution Board: administers EDIS I and the DIF, decides on liquidity support and mandatory lending.
  • The Commission: may disqualify DGSs, reviews EDIS I and the banking union, and may propose legislation.
  • Member States whose currency is not the euro and in close cooperation with the ECB: subject to EDIS I; termination triggers recoupment of contributions.

Figures and deadlines

  • 10 times the target level of the participating DGS — cap on outstanding cumulative DIF funding.
  • 30% of the target level of each DGS — cap on mandatory lending after the build-up phase.
  • 60% to 30% of the target level of each DGS — decreasing mandatory lending limits during the build-up phase.
  • six years — deadline for repayment of liquidity support.
  • 16.67% — minimum average annual repayment of funding provided by the Board.
  • 4 years — possible extension of repayment maturity.
  • 0.25% — annual increase in interest rate above the ECB marginal facility rate for certain liquidity support.
  • 50% of the target level referred to in Article 10(2) of Directive 2014/49/EU — DIF target level to be reached within three years.

Legal basis: Article 114 of the Treaty on the Functioning of the European Union.