European Business Law, the fourth volume in our series, shows how the European authorities simultaneously abolish all restrictions on access to and exercise of economic activities and support the growth of domestic markets, through the harmonization the internal legislation or the enactment of genuinely unified regulations.

European Business Law

Directive No 2014/49  which repealed the amended directive  (No 94/19 of 30 May 1994)  as of 4 July 2015 has as its object the ensuring of a harmonized minimum level of deposit protection wherever deposits are located in the EU. Depositors at any branches situated in a Member State other than that in which the credit institution has its head office must be protected by the same guarantee scheme as …

Deposit-guarantee schemes

Directive No 2014/49  which repealed the amended directive  (No 94/19 of 30 May 1994)  as of 4 July 2015 has as its object the ensuring of a harmonized minimum level of deposit protection wherever deposits are located in the EU. Depositors at any branches situated in a Member State other than that in which the credit institution has its head office must be protected by the same guarantee scheme as the institution's other depositors. Prudential supervision  and deposit guarantees must in effect be ensured, for reasons of efficiency, by the same Member State. 

Article 2 of the directive defines deposit as “a credit balance which results from funds left in an account or from temporary situations deriving from normal banking transactions and which a credit institution is required to repay under the legal and contractual conditions applicable, including a fixed-term deposit and a savings deposit”. The directive does not apply to deposits made by other credit institutions on their own behalf and for their own account, the own funds of credit institutions or deposits arising out of transactions in connection with money laundering operations, deposits by financial institutions, investment firms, insurance undertakings and by reinsurance undertakings, collective investment undertakings, pension and retirement funds, deposits by public authorities and deposits the holder of which has never been identified, when they have become unavailable (Art. 5). Article 4 provides that each Member State must ensure that within its territory one or more deposit-guarantee schemes, to which institutions taking deposits must adhere, are introduced and officially recognized. The directive authorizes the merging of the deposit guarantee schemes (DGSs) of the different member States and the creation of  or to create separate cross-border DGSs. Applying the system of control of the home Member States, Article 14 provides that deposit-guarantee schemes introduced and officially recognized in a Member State cover the depositors at branches set up by credit institutions in other Member States. Further, the Member States check that branches established in their territory by a credit institution which has its head office outside the Union have protection equivalent to that prescribed in the directive (Art. 15). Where the level and/or scope, including the percentage, of cover offered by the host Member State guarantee scheme exceeds the level and/or scope of cover provided in the Member State in which a credit institution is authorized, the host Member State must ensure that there is an officially recognized deposit-guarantee scheme within its territory which a branch may join voluntarily in order to provide additonal protection to depositors. The aggregate deposits of each depositor which must be covered up to EUR 100 000 in the event of deposits being unavailable pursuant to amending Directive No 2009/14 remains the rule and the Member States may exclude certain depositors or deposits from the guarantee or provide less cover or more extensive/comprehensive cover for deposits (Art. 6 and 7). Thus, national legislation may exclude from the guarantee certificates of deposit issued by a credit institution if those certificates are negotiable . Article 10 of Directive No 94/19 initially provided that deposit-guarantee schemes had to be in a position to pay duly verified claims by depositors in respect of unavailable deposits within three months of the date on which the competent authorities have determined that the credit institution is unable to repay the deposit for reasons which are directly related to its financial situation. The time limit could be extended for further three month periods. The repayment period is now fixed by Directive No 2014/49 at seven working days but the directive does provide the possibility of extending that deadline to 31 December 2023. Thus Member States may extend the maximum repayment periods of up to:  twenty working days up to 31 December 2018; 15 working days from 1 January 2019 until 31 December 2020; 10 working days from 1 January 2021 until 31 December 2023 (Art. 8).

Amending Directive No 2009/14 of 11 March 2009, OJ L 068 of 13 March 2009, 3.

OJ L 135 of 31 May 1994, 5. Case C-76/15 Vervloet, Judgment of 21 December 2016, LawLex201600002113JBJ, rendered under Directive No 94/19, holding that the directive does not require Member States to adopt a scheme to guarantee the shares of recognized cooperatives operating in the financial sector, nor does it  preclude Member States from adopting such a scheme, insofar as that scheme does not undermine the practical effectiveness of the deposit-guarantee scheme it lays down, and provided that it complies with the TFEU, in particular Articles 107 and 108.

Case C-671/13 Ndeliu Ir investiciju Draudimas VI, Judgment of 25 June 2015, LawLex201500000831JBJ.

European Business Law

120. Deposit-guarantee schemes

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120. Deposit-guarantee schemes

Demandez un accès gratuit au contenu exclusif Livv – juristes d’entreprise

Les décisions de justice citées dans ce paragraphe :

Les notions juridiques connexes

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au contenu exclusif Livv – juristes d’entreprise