The European Union is pursuing infringement proceedings against 14 member countries that haven’t changed their national laws to comply with the bloc’s new rules for deposit guarantee systems.
Belgium, the Czech Republic, Estonia, Greece, Italy, Cyprus, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Romania, Slovenia, and Sweden had not passed some or all of the necessary legislation as of Nov. 30, according to data from the European Commission, the EU’s executive arm. Four other nations also received formal notice that they were in line for infringement proceedings and have since brought their laws into compliance.
Jonathan Hill, the EU commissioner for financial services, said on Nov. 30 that countries that don’t adopt the deposit-insurance rules swiftly would face disciplinary measures. All 28 nations need to adjust their national laws to reflect the EU standards for safeguarding bank accounts to make sure each country provides a baseline level of protection. [...]
The commission is also pressing nations to adopt new EU rules on handling bank resolutions. Nine out of the 28 nations haven’t passed all the laws required by the Bank Recovery and Resolution Directive: Belgium, Czech Republic, Cyprus, Lithuania, Luxembourg, Poland, Romania, Slovenia, and Sweden, the data show. Five of those nations face EU Court of Justice lawsuits. The Netherlands was in line to face the top court and has since enacted the needed laws.
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