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The Commission launched reviews of the E-Money Directive and the Deposit Guarantee Schemes Directive. The Commission wants to analyse whether these directives completely fulfil their initial objectives and are conducive to the competitiveness of the industry.
The E-Money Directive was intended to facilitate access by non-credit institutions to the business of e-money issuance. The difficulty to foresee at the time how the business of e-money issuance would evolve has prompted the Commission to re-assess whether the legal framework is still in tune with modern market developments.
The Deposit Guarantee Schemes Directive obliges all Member States to set up compensation schemes for depositors and establishes a minimum guarantee level of ©Å,000. Some Member States have introduced higher guarantee thresholds, and the manner in which the schemes function in practice has also not been converged. The differences in deposit guarantee schemes may prove problematic in the case of pan-European banking structures, and may inhibit the development of a sound framework for cross-border groups from competition and financial stability perspectives.
The Commission intends to come forward with a report together with appropriate policy recommendations in Spring 2006. The deadline for consultation is 14 October 2005.
Press release
Questionnaire Deposit Guarantee Schemes
Questionnaire E-money