Press Release

Fresh momentum for Deposit Insurance Scheme (EDIS): protecting citizens' savings

Brussels
, 11.10.2017 - 12:54
Credit card security

EDIS Rapporteur, Esther de Lange MEP, has welcomed the publication of the European Commission’s Communication on completing the Banking Union. The Communication sets out a new, possible way forward for the finalisation of a European Deposit Insurance Scheme (EDIS). “The Commission Communication provides new, useful perspectives and provides the necessary momentum to move forward. It appears to be written with a clear goal in mind: to break the deadlock in Council and Parliament with a more proportionate approach while at the same time continuing the important work to complete the Banking Union and protect citizens’ savings, regardless of where they live within the Euro area”, Esther de Lange stated.

With the Commission proposal on EDIS published at the end of 2015 and the Rapporteur’s Draft Report published shortly after the publication of the Commission’s Effects Analysis in the autumn of 2016, the file has been on the desk of co-legislators for some time now. Esther de Lange continued: “Progress on this sensitive file has proven to be difficult. Whereas in Parliament, we have started political work, the Council has only discussed the Commission proposal on a technical level. With this new Communication we believe there is fresh momentum for Parliament and Council to continue their work.”

The EPP Group is of the strong conviction that we need to complete our Banking Union and break the bank-sovereign nexus. At the same time, the EPP Group has conditions that simply need to be met in order to reduce risks in the Member States and their banking sectors - also much to the benefit of citizens. Esther de Lange added: “I very much welcome the fact that the Commission has taken up my approach which emphasises the need for prior risk reduction as a precondition for the sharing of losses. This remains a highly sensitive dossier; progress can only be made with a cautious approach. All parties involved need to take responsibility to move this dossier forward.”

For the EPP Group, some major concerns still remain that need to be dealt with in order to find an agreement. De Lange concluded: “We are worried that the Communication will not sufficiently tackle the issue of moral hazard as it proposes to immediately use the European fund during a crisis whereas we believe we should use national deposit guarantee schemes first. This would also allow national systems to continue to operate under a European scheme. Finally, the conditionality the Commission proposes between phase 1 and phase 2 is in any case too limited for the EPP Group."

Note to Editors
The EPP Group is the largest political group in the European Parliament with 216 Members from 27 Member States

MEP Contacts

-
Esther de LANGE
BRU - Phone: +32 (0)2 2845954 Fax: +32 (0)2 2849954
Email: esther.delange@europarl.europa.eu

Press Contacts

Dirk Gotink
Dutch press
Phone: +32 488 46 53 43

Latest

Albania in EU
14.02.2018 - 15:07

EPP MEPs in Albania: joint efforts required from all political parties on EU prospects

Albania has progressed and showed political commitment to EU-related reforms - this is one of the conclusions of the EU-Albania Stabilisation and...
Europe vote election
09.02.2018 - 12:19

In the 2019 European Elections, let's talk about candidates and programmes, not procedures!

The European Parliament will be ready to reject any candidate in the investiture procedure of the President of the Commission who was not appointed...
Time for tougher sanctions against Venezuela: Salafranca
09.02.2018 - 10:00

Time for tougher sanctions against Venezuela: Salafranca

The European Parliament has voted for tougher sanctions against the Venezuelan regime as it prepares for early presidential elections seen as a sham...
Protests in Venezuela
08.02.2018 - 12:22

Venezuela: elections must be fair and free

“We have to raise our voices to denounce further attempts to undermine sovereignty and fixed elections that don’t even fulfil the minimum...

Highlights of the week

19.02.2018 - 23.02.2018
Business finance chart and Euro banknotes

Voting on post-2020 EU expenditure and revenue

The Budgets Committee will vote on Thursday on Parliament's position on the EU's post-2020 seven-year budget (Multi-Annual Financial...
EUROCORPS' soldiers do a military simulation on the ground with chariot, trucks, guns, weapons and some wounded soldiers

Stronger industrial cooperation on defence

Europe needs stronger and better cooperation in the field of defence. The pan-EU cooperation on an industrial defence programme is an important step...
High voltage post

Making the internal market for electricity work for consumers and industry

The way the electricity markets work inside the EU needs an overhaul to increase the supply of affordable and secure energy across EU borders. The...
Damir Glas