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20 May 2013
EU customers with +100K euros in savings would suffer losses in rescued banks
FXstreet.com (San Francisco) - It seems Cyprus was a template after all as a draft European Union law voted on Monday says that, from 2016 onwards, customers with over 100,000 euros in savings when a bank failed could suffer losses.
The law attempts to shield small depositors from losing money in rescued banks by the European Union. The EU proposal says banks in serious problem would be allowed to dip into +100K deposits only after exhausting other ways such as bondholders or shareholders.
The draft must be still signed and sanctioned by the eu parliament and the EU finance ministers.
The law attempts to shield small depositors from losing money in rescued banks by the European Union. The EU proposal says banks in serious problem would be allowed to dip into +100K deposits only after exhausting other ways such as bondholders or shareholders.
The draft must be still signed and sanctioned by the eu parliament and the EU finance ministers.