Michael Meister, the deputy floor leader of German Chancellor Angela Merkel’s Christian Democratic Union party, rejected proposals for a European fund for deposit guarantees, Euro am Sonntag said in a preview of a story that will be published tomorrow, citing an interview with Meister.

Such a fund would be a “hidden transfer union” at German taxpayers’ expense, Meister said, according to the newspaper.

To contact the reporter on this story: Niklas Magnusson in Hamburg at nmagnusson1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net