The EU Framework for Deposit Guarantee Schemes
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1 The EU Framework for Deposit Guarantee Schemes Raluca Painter European Commission Senior Policy Officer, Financial Stability Unit 21/09/2014
2 Background: key steps Directive 94/19/EC of 30 May 1994 on DGS Directive 2009/14/EC amending Directive 94/19/EC as regards the coverage level and pay-out delay July 2010 Commission proposal for a comprehensive revision of Directive 94/19/EC 16 April 2014 EP Plenary vote (second reading) Directive 2014/49/EU on DGS entered into force on 2 July
3 Key features of Directive 2014/49/EU Harmonises and simplifies the previous Directive Aims at improving the protection of deposits, maintaining depositor confidence, and strengthening the safety net. The new funding requirements will ensure that DGS will be able to fulfil their obligations towards depositors. A faster access to deposits after a bank failure should stabilise the confidence of depositors and ensure financial stability. 21/09/2014 3
4 Level of coverage Harmonised level of per depositor per bank applicable in all Member States and EEA countries No separate coverage per different brands of the same bank Temporary high deposit balances: Member States shall ensure coverage above for deposits arising from housing transactions (e.g. sale of residence) or from specific life events (e.g. marriage, divorce, inheritance) 4
5 Payout deadline Original from months Past from March months Present from weeks Future from working days 5
6 Payout deadline Payout deadline will be gradually reduced from the current 20 working days to 7 working days in three phases: 15 working days from working days from working days from 2024 During the transitional period (until end-2023), depositors in need may ask for so-called "social payout", i.e. limited amount to cover their costs of living to be paid within 5 working days 6
7 Financing Ex-ante funding (at least 0.8% of covered deposits) to be reached by Member States within 10 years Risked based contributions mandatory for all Member States Extraordinary (ex-post) contributions (up to 0.5% of covered deposits annually) Mutual borrowing facility on a voluntary basis (up to 0.5% of covered deposits of the borrowing scheme) Alternative funding arrangements (e.g. borrowing from governments or financial markets) 7
8 Use of DGS funds Payout DGS funds shall be primarily used to reimburse depositors after a bank failure Resolution DGS funds shall also be used to finance the resolution of credit institutions + + Early intervention DGS funds may be used for alternative measures in order to prevent a bank failure 8
9 Role of DGS in bank resolution DGS shall contribute to the resolution of a failed bank as a preferred creditor: the DGS intervention would only take place in the last instance, i.e. after bailing-in all unsecured creditors and using the financial means of the Resolution Funds DGS's contribution would be limited: up to the amount they would have contributed in insolvency up to the amount equal to 50% of the DGS target funding level 9
10 Bail-in: treatment of deposits/dgs 3. Alternative financing sources 2. 5% Resolution financing arrangement 1. 8% internal loss absorbtion Only after 5% of the financing arrangement's cap has been reached, and all unsecured and nonpreferred liabilities other than eligible deposits have been bail-in Resolution financing arrangement may provide loss absorption or capital injection of up to 5% of total liabilities 8% of total liabilities or 20% of RWAs to be absorbed by shareholders and creditors before the use of the resolution financing arrangement DGS (covered deposits) Households, micro, SMEs > 100,000 Senior debt & corporate deposits >100,000 Subordinated debt AT1 & T2 CET1 More bail-in or eventually alternative financing sources (private, public/esm) Resolution financing arrangement 5% of liabilities Internal absorbtion 8% of liabilities or 20% of RWAs (in order of hierarchy)* * Flexibility to depart from creditor hierarchy if not possible to bail-in the liability during the timeframe, would create contagion risks, lead to destruction in value, necessary to ensure continuity of critical functions. 10
11 Better information for depositors While depositing money at a bank, depositors will have to countersign a standardised information sheet containing all relevant information about deposit protection by the DGS The updated standardised information sheet will be sent by banks to their customers at least once a year Banks will be obliged to inform their depositors about DGS protection of their deposits on the statements of account Some restrictions on advertising on deposit products (only factual information, no referring to unlimited protection, etc) 11
12 Next steps General transposition deadline for Member States 3 July years after the entry into force, the Commission shall submit to the European Parliament and to the Council: a report on the target funding level, the adequacy of the current coverage level, the impact of the early intervention measures on deposit protection, etc. a report (+ legislative proposal, if appropriate) setting out how DGS may cooperate through a European Scheme to prevent risks arising from cross-border activities and protect deposits from such risks 12
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