EC plans full eurozone deposit insurance by 2024
Size of fund equivalent to 0.8% of covered deposits, estimated at €43bn
A common deposit insurance scheme in the eurozone would be introduced gradually over a period of eight years, from 2017 to 2024, under proposals published today (November 24) by the European Commission (EC).
The plans are designed to bolster financial stability in the single currency area, where national deposit guarantee schemes "can be vulnerable to large local shocks", the commission explained.
Deposits up to €100,000 ($106,000) will be protected under the scheme, funded by risk-weighted
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