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Savers are guaranteed the first €100,000 under the deal agreed by MEPs and ministers. (Photo: Valentina Pop)

EU reaches deal to protect bank savings

EU lawmakers have made a breakthrough in banking union talks after agreeing on rules to protect people's savings, ending a two-year impasse between MEPs and ministers.

Under the deal brokered on Tuesday night (17 November), the first €100,000 of savings per depositor and per bank will be guaranteed if the bank gets into financial difficulty.

Banks will also be required, for the first time, to put in place financing schemes to ensure that money is available to reimburse savers.

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

Savers are guaranteed the first €100,000 under the deal agreed by MEPs and ministers. (Photo: Valentina Pop)

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

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