Deposit guarantee schemes : Council adopts draft directive

On 3 March, the Council adopted its common position at first reading on the draft directive for deposit guarantee schemes (DGSs). This text, which is a rewrite of Directive 94/19/EC and its subsequent amendments, forces all banks to sign up to a DGS so that all of their covered deposits ? worth up to ?10,000 ? are protected. The directive ensures that DGSs are constantly monitored by performing regular stress tests on their systems. DGSs improve depositor protection and implement…