Interaction with initiatives on crisis management and resolution mechanisms
Several Member States have evoked the need for consistency and proper articulation between Deposit Guarantee Schemes and resolution mechanisms and are of the opinion that the cumulative impact of financing Deposit Guarantee Schemes and resolution mechanisms, as well as the potential synergies to be explored between them, have to be considered before arriving at definitive conclusions on the financing of Deposit Guarantee Schemes.
At the same time most Member States are of the view that this does not impede further examination of the harmonisation of some funding principles, such as a target level and ex-ante contributions which are risk-based calculated.
Some Member States consider that a number of adjustments to the text of the Directive are still required in order to have the necessary legal clarity.
Eligibility of deposits
In general, Member States welcome harmonisation regarding which deposits must be covered and which should be excluded. However, some fine-tuning of scope and definitions of the excluded deposits is still required.
Determination of the repayable amount
Member States agree to the removal of a possible set-off of claims against the depositor’s liabilities but, according to requests of a number of Member States, the Presidency's latest compromise proposes to allow for compensation of claims that have fallen due on the default date.
Repayment period
Most Member States have serious misgivings about the opportunity of further shortening the recently introduced payout period of 20 working days, to be implemented by Deposit Guarantee Schemes from 1 January 2011 onwards. The latest compromise maintains the current repayment period of 20 working days, while removing the possible extension of 10 working days.
Currency of repayment
The views of delegations converge to allow repayment in the currency of the Member State of the Deposit Guarantee Scheme that has to intervene, while not preventing Member States from organising repayments in other currencies, especially if in the currency of the account, for example of deposits held with EU-branches.
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