Bloomberg News

Sadzius Says EU Deposit Guarantee Standards Back on Agenda Soon

June 21, 2013

European Union finance ministers will soon turn their attention to standardizing national deposit-guarantee schemes, Lithuanian Finance Minister Rimantas Sadzius said today.

“I think it will come up very soon,” said Sadzius, whose nation in July will take over the EU’s rotating administrative presidency. “It is another very urgent question, especially keeping in mind that we will have European elections next year.”

The deposit-guarantee rules, proposed in 2010, will set standards for how each nation protects bank accounts up to 100,000 euros ($131,000) as guaranteed by EU law. The rules have been on hold while the EU wrestles with other elements of its banking union strategy. In Luxembourg today, talks among the 27 nations focused on new rules on how to prop up or shut down failing banks without triggering a new round of crisis.

Sadzius said nations need to move quickly in order to hold negotiations on the deposit-guarantee rules with the current European Parliament, one more item on an already crowded agenda. He said Lithuania’s EU presidency will put financial-sector issues at the top of its agenda.

“The overall topic of banking union, in all its diversity, will stay on our table,” Sadzius said.

To contact the reporters on this story: Rebecca Christie in Luxembourg at rchristie4@bloomberg.net; Jim Brunsden in Brussels at jbrunsden@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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