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DRAFT REPORT (COM(2023)0228 – C90133/2023 – 2023/0115(COD))

On the proposal for a directive of the European Parliament and of the Council amending Directive 2014/49/EU as regards the scope of deposit protection, use of deposit guarantee schemes funds, cross-border cooperation, and transparency

ECON-PR-753698

Committee on Economic and Monetary Affairs · Rapporteur: Ernest Urtasun

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This draft report proposes amendments to the Commission's proposal amending Directive 2014/49/EU on deposit guarantee schemes (DGSs). It raises the target funding level to 1% of covered deposits, sets a repayment period of less than seven working days, and introduces an EU credit line for DGSs facing liquidity shortfalls. It also makes preventive and alternative measures mandatory, requires burden-sharing by shareholders and debt holders, and removes several national discretions to harmonize DGS functions across the EU.

Committee position. The rapporteur proposes to amend the Commission's proposal to strengthen DGS funding, harmonize rules, and introduce an EU credit line, among other changes.

Key points

  1. Establishes an EU credit line for DGSs, managed by the Single Resolution Board, to support depleted national DGSs, with other DGSs stepping in if both are depleted.
  2. Raises the DGS target level from 0.8% to 1% of covered deposits, to be reached by 18 months after entry into force.
  3. Requires DGSs to make repayments available as soon as possible and in any case in less than seven working days from the determination of deposits.
  4. Mandates that DGSs use funds for preventive measures and alternative measures, with conditions including credible notes and burden-sharing by shareholders and debt holders.
  5. Prohibits alternative funding arrangements financed through public funds; DGSs must use private sources.
  6. Limits payment commitments to 10% of available financial means and requires them to be payable within 48 hours.
  7. Requires credit institutions to report aggregated eligible deposits to DGSs at least annually, and DGSs to report to EBA and SRB by 31 March each year.
  8. Extends coverage for temporary high balances to EUR 500,000 for 6 months, and removes the option for lower coverage in concentrated markets.
  9. Ensures depositors can transfer deposits without costs when a credit institution ceases DGS membership, with continued coverage for up to six months.
  10. Requires EBA to develop regulatory technical standards on stress tests, contribution calculations, and transfer methodologies.

Who is affected

  • Deposit guarantee schemes (DGSs) in EU member states, which must meet higher funding targets and new operational requirements.
  • Credit institutions, which face mandatory reporting, potential preventive measures, and restrictions on dividends and bonuses when supported.
  • Depositors, who gain faster repayment and protection for temporary high balances up to EUR 500,000.
  • Institutional protection schemes (IPSs) recognized as DGSs, which must segregate funds and may continue additional functions.

Figures and deadlines

  • EUR 500,000 for 6 months for temporary high balances from real estate or insurance events.
  • 1% of covered deposits as the new target level for DGS available financial means.
  • Seven working days maximum for repayment of deposits.
  • 10% limit on payment commitments as share of available financial means.
  • 18 months after entry into force to reach the new target level.
  • 48 hours for payment commitments to be payable upon request.
  • Six months maximum period for continued coverage after ceasing DGS membership.

Legal basis: Article 294(2) and Article 53(1) of the Treaty on the Functioning of the European Union