Directive 2009/14/EC of the European Parliament and of the Council of 11 March 2009 amending Directive 94/19/EC on deposit-guarantee schemes as regards the coverage level and the payout delay (Text with EEA relevance)
Date: 2009-03-11
Institutions: Council of the European Union, European Parliament
Subjects: bank deposit, banking, credit guarantee, credit institution, financial institution, management audit

13.3.2009

EN

Official Journal of the European Union

L 68/3

DIRECTIVES

DIRECTIVE 2009/14/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 11 March 2009

amending Directive 94/19/EC on deposit-guarantee schemes as regards the coverage level and the
payout delay

(Text with EEA relevance)

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
EUROPEAN UNION,

Having regard to the Treaty
Community, and in particular Article 47(2) thereof,

establishing the European

Having regard to the proposal from the Commission,

Having regard to the opinion of the European Central Bank (1),

Acting in accordance with the procedure
Article 251 of the Treaty (2),

laid down in

Whereas:

(1)

(2)

(3)

The Council agreed on 7 October 2008 that
it is a
priority to restore confidence and proper functioning of
the financial sector. It undertook to take all necessary
individual savers
measures to protect
the Commission to
and welcomed the intention of
bring forward urgently an appropriate proposal
to
promote convergence of deposit-guarantee schemes.

the deposits of

Directive 94/19/EC of the European Parliament and of
the Council (3) already provides for basic coverage for
depositors. However,
turmoil
the ongoing financial
necessitates an improvement of that coverage.

The current minimum coverage level provided for in
set at EUR 20 000 with the
Directive 94/19/EC is
higher
States
for Member
option

determine

to

(1) OJ C 314, 9.12.2008, p. 1.
(2) Opinion of the European Parliament of 18 December 2008 (not yet
Journal) and Council Decisions of

published in the Official
26 February 2009 and of 5 March 2009.

(3) OJ L 135, 31.5.1994, p. 5.

(4)

(5)

(6)

be

level

should

therefore

increased

to maintain depositor

coverage. However, this has proved not to be adequate
for a large number of deposits in the Community. In
order
confidence and attain
greater stability on the financial markets, the minimum
coverage
to
EUR 50 000. By 31 December 2010, coverage for the
aggregate deposits of each depositor should be set at
EUR 100 000, unless a Commission impact assessment,
submitted to the European Parliament and the Council by
31 December 2009, concludes that such an increase and
such harmonisation are inappropriate and are not finan­
cially viable for all Member States in order to ensure
consumer protection and financial
stability in the
Community and to avoid distortions of competition
In the event that the impact
between Member States.
assessment reveals that such an increase and such harmo­
nisation are
the Commission should
submit appropriate proposals to the European Parliament
and the Council.

inappropriate,

The same coverage level should apply to all depositors
regardless of whether a Member State’s currency is the
euro or not. Member States outside the euro area should
have the possibility to round off the amounts resulting
from the
the
equivalent protection of depositors.

conversion without

compromising

A report to be submitted to the European Parliament and
to the Council by the Commission should analyse all
the
related issues such as set-offs and counterclaims,
determination of contributions to schemes,
the scope
of products and depositors covered, the effectiveness of
cooperation between deposit-guarantee
cross-border
deposit-guarantee
schemes
schemes
reimbursing
for
depositors, such as emergency payout mechanisms. For
the purpose of that report, Member States should collect
the relevant data and submit them to the Commission on
request.

between
the
alternative means

and
and

link

Some Member States have established deposit-guarantee
schemes under Directive 94/19/EC which provide full
coverage for certain kinds of long-term deposits, such
the
as claims on pensions.
rights and expectations of
in such
schemes.

is necessary to respect

the depositors

It

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Official Journal of the European Union

13.3.2009

(7)

(8)

(9)

(10)

(11)

Some Member States have established or plan to establish
deposit-guarantee schemes under Directive 94/19/EC
which provide full coverage for certain temporarily
increased account balances. The Commission should
assess, by 31 December 2009, whether full coverage
for
increased account balances
should be maintained or introduced.

certain temporarily

The functioning of systems which protect the credit insti­
tution itself and,
in particular, ensure its liquidity and
solvency, thus guaranteeing protection for depositors at
least equivalent to that provided by a deposit-guarantee
scheme, and voluntary systems of depositors compen­
sation which are not introduced or officially recognised
by a Member State should not be affected by this
Directive.

States
Member
to consider
schemes
improving
existing
respective obligations.

should encourage deposit-guarantee
entering into agreements or
their
agreements

concerning

The payout delay of three months currently provided for,
which can be extended to nine months, runs counter to
the need to maintain depositor confidence and does not
meet their needs. The payout delay should therefore be
reduced to a period of 20 working days. That period
should be extended only under exceptional circumstances
and after approval by the competent authorities. Two
years after the entry into force of
this Directive the
Commission should submit to the European Parliament
and to the Council a report on the effectiveness and
the payout procedures assessing whether a
delays of
the delay to 10 working days
reduction of
further
would be appropriate.

Furthermore, in cases where the payout is triggered by a
determination of the competent authorities, the decision
period of 21 days currently provided for should be
reduced to five working days in order not to impede
rapid
should,
competent
however, first be satisfied that a credit institution has
failed to repay deposits which are due and payable.
That assessment should be subject
to the judicial or
administrative procedures of the Member States.

authorities

payout.

The

as

soon

(13) Member States should aim at ensuring the continuity of
in
banking services and access to liquidity of banks,
turmoil. For
this
financial
particular
in periods of
encouraged to make
are
purpose, Member States
ensuring
for
as
arrangements
emergency payouts of appropriate amounts upon the
application of the affected depositor, within no more
than three days of such application. Since the reduction
of the current payout delay of three months will have a
positive impact on depositor confidence and the proper
functioning of the financial markets, Member States and
their deposit-guarantee schemes should ensure that the
payout delay is as short as possible.

possible

(14) Directive 94/19/EC provides the possibility for Member
States to limit coverage to a specified percentage. That
option has been demonstrated to undermine depositor
confidence and should thus be discontinued.

(15)

(16)

(17)

The measures necessary for
the implementation of
Directive 94/19/EC should be adopted in accordance
with Council Decision 1999/468/EC of 28 June 1999
laying down the procedures for the exercise of imple­
menting powers conferred on the Commission (1).

In particular, the Commission should be empowered to
adjust the coverage level according to inflation in the
European Union on the basis of
in the
harmonised index of consumer prices published by the
Commission. Since that measure is of general scope and
is designed to amend non-essential elements of Directive
it must be adopted in accordance with the
94/19/EC,
regulatory procedure with scrutiny provided for
in
Article 5a of Decision 1999/468/EC.

changes

the

Since the objectives of this Directive, namely the harmo­
nisation of coverage levels and of payout delays, cannot
be sufficiently achieved by the Member States because of
the multitude of different rules existing in the legal
and can
systems of
various Member
the
therefore be better achieved at Community level,
Community may adopt measures,
in accordance with
the principle of subsidiarity as set out in Article 5 of
the Treaty. In accordance with the principle of propor­
tionality, as set out in that Article, this Directive does not
go beyond what is necessary in order to achieve those
objectives.

States

(12) Deposits may be considered unavailable once early inter­
vention or reorganisation measures have been unsuc­
cessful. This should not prevent competent authorities
from making further
restructuring efforts during the
payout delay.

(18) Directive 94/19/EC should

therefore be

amended

accordingly.

(1) OJ L 184, 17.7.1999, p. 23.

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(19)

the Interinstitutional
In accordance with point 34 of
Agreement on better law-making (1), Member States are
encouraged to draw up, for themselves and in the interest
of the Community, their own tables illustrating, as far as
possible, the correlation between this Directive and the
transposition measures and to make them public,

shall
By 31 December 2010, Member States
1a.
ensure that the coverage for the aggregate deposits of
each depositor shall be set at EUR 100 000 in the
event of deposits being unavailable.

HAVE ADOPTED THIS DIRECTIVE:

Article 1

Amendments to Directive 94/19/EC

Directive 94/19/EC is hereby amended as follows:

1.

in Article 1(3)(i), the second paragraph shall be replaced by
the following:

‘The competent authorities shall make that determination as
soon as possible and in any event no later than five working
days after first becoming satisfied that a credit institution has
failed to repay deposits which are due and payable; or’;

If, in its report referred to in Article 12, the Commission
concludes that such an increase and such harmonisation
are inappropriate and not
financially viable for all
Member States in order to ensure consumer protection
and financial stability in the Community and avoid cross-
border distortions between Member States,
shall
present to the European Parliament and the Council a
proposal to amend the first subparagraph.

it

1b. Member States outside the euro area that convert
the amounts expressed in euro referred to in paragraphs
1 and 1a into their national currencies shall ensure that
the amounts of national currencies effectively paid to
depositors are equivalent
in this
Directive.’;

to those set out

2. Article 4 shall be amended as follows:

(b) paragraph 3 shall be replaced by the following:

(a) paragraph 5 shall be replaced by the following:

In the cases referred to in paragraphs 1 to 4,
that deposit-guarantee

‘5.
Member States
schemes cooperate with each other.’;

ensure

shall

‘3.
Paragraph 1a shall not preclude the retention of
provisions which offered before 1 January 2008, notably
for social considerations, full coverage for certain kinds
of deposits.’;

(b) the following paragraph shall be added:

(c) paragraph 4 shall be deleted;

‘6.
The Commission shall review the functioning of
this Article at least every two years and, if appropriate,
propose amendments thereto.’;

(d) the following paragraph shall be added:

3. Article 7 shall be amended as follows:

(a) paragraph 1 shall be replaced by the following:

‘7.
The Commission may adjust the amounts referred
to in paragraphs 1 and 1a in accordance with inflation in
the European Union on the basis of changes in the
harmonised index of consumer prices published by the
Commission.

‘1. Member States shall ensure that the coverage for
the aggregate deposits of each depositor shall be at least
EUR 50 000 in the event of deposits being unavailable.

(1) OJ C 321, 31.12.2003, p. 1.

That measure, designed to amend non-essential elements
of this Directive, shall be adopted in accordance with the
regulatory procedure with scrutiny
referred to in
Article 7a(2).’;

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4. the following Article shall be inserted:

‘Article 7a

1.
The Commission shall be assisted by the European
Banking Committee established by Commission Decision
2004/10/EC (*).

to

this

is made

reference
paragraph,
2. Where
Article 5a(1)
to (4), and Article 7 of Council Decision
1999/468/EC of 28 June 1999 laying down the procedures
for the exercise of implementing powers conferred on the
Commission (**) shall apply, having regard to the provisions
of Article 8 thereof.
___________

(*) OJ L 3, 7.1.2004, p. 36.
(**) OJ L 184, 17.7.1999, p. 23.’;

5.

in Article 9, paragraph 1 shall be replaced by the following:

the identification of

‘1. Member States shall ensure that credit
institutions
make available to actual and intending depositors the infor­
mation necessary for
the deposit-
guarantee scheme of which the institution and its branches
are members within the Community or any alternative
arrangement provided for in the second subparagraph of
Article 3(1) or in Article 3(4). The depositors shall be
the deposit-guarantee
informed of
scheme
applicable,
or
including the amount and scope of the cover offered by
the deposit-guarantee scheme. When a deposit is not guaran­
teed by a deposit-guarantee scheme in accordance with
institution shall
Article 7(2),
inform the
depositor
information shall be made
available in a readily comprehensible manner.

the provisions of
any

accordingly. All

arrangement

alternative

credit

the

Information about the conditions for compensation and the
formalities which must be completed to obtain compen­
sation shall be given on request.’;

6. Article 10 shall be amended as follows:

(a) paragraph 1 shall be replaced by the following:

‘1.
Deposit-guarantee schemes shall be in a position
to pay duly verified claims by depositors in respect of
unavailable deposits within 20 working days of the date
on which the competent authorities make a determi­
nation as referred to in Article 1(3)(i) or a judicial
authority makes
in
ruling
Article 1(3)(ii). That time limit includes the collection

referred

to

as

a

the accurate data on depositors
and transmission of
and deposits, which are necessary for the verification
of claims.

In wholly exceptional circumstances, a deposit-guarantee
scheme may apply to the competent authorities for an
extension of the time limit. Such extension shall not
exceed 10 working days.

By 16 March 2011, the Commission shall submit to the
European Parliament and to the Council a report on the
effectiveness
the payout procedures
assessing whether reduction to 10 working days of the
delay referred to in the first subparagraph could be im­
plemented.

and delays of

shall

ensure

that deposit-guarantee
Member States
schemes perform regular
their systems and
that, if appropriate, they are informed in the event that
the competent authorities detect problems in a credit
institution that are likely to give rise to the intervention
of deposit-guarantee schemes.’;

tests of

(b) paragraph 2 shall be deleted;

7. Article 12 shall be replaced by the following:

‘Article 12

The Commission shall

1.
to the European
Parliament and to the Council by 31 December 2009 a
report on:

submit

(a)

the harmonisation of
funding mechanisms of
the
deposit-guarantee schemes addressing, in particular, the
effects of an absence of harmonisation in the event of a
cross-border crisis,
in regard to the availability of the
compensation payouts of the deposit and in regard to
fair competition, and the benefits and costs of such
harmonisation;

(b) the appropriateness and modalities of providing for full
certain temporarily increased account

for

coverage
balances;

(c) possible models for introducing risk-based contributions;

(d) the benefits and costs of a possible introduction of a

Community deposit-guarantee scheme;

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(e)

(f)

the impact of diverging legislations as regards set-off,
where a depositor’s credit is balanced against its debts,
on the efficiency of
the system and on possible
distortions, taking into account cross-border winding-up;

the harmonisation of
depositors covered,
small and medium enterprises and local authorities;

and
including the specific needs of

scope of products

the

(g) the link between deposit-guarantee schemes and alter­
such as

reimbursing depositors,

native means
emergency payout mechanisms.

for

If necessary, the Commission shall put forward appropriate
proposals to amend this Directive.

2. Member States shall inform the Commission and the
European Banking Committee if they intend to change the
scope or level of coverage for deposits and on any difficulty
encountered when cooperating with other Member States.’;

8. Annex III shall be deleted.

Article 2

Transposition

paragraph of point 3(i) of Article 1, Article 7(1a) and (3) and
Article 10(1) of Directive 94/19/EC, as amended by this
Directive, by 31 December 2010.

When Member States adopt those provisions, they shall contain
a reference to this Directive or be accompanied by such a
reference on the occasion of
their official publication. The
methods of making such reference shall be laid down by
Member States.

2. Member States shall communicate to the Commission the
text of the main provisions of national law which they adopt in
the field covered by this Directive.

Article 3

Entry into force

This Directive shall enter into force on the third day following
its publication in the Official Journal of the European Union.

Article 4

Addressees

This Directive is addressed to the Member States.

1. Member States shall bring into force the laws, regulations
and administrative provisions necessary to comply with this
Directive by 30 June 2009.

By way of derogation from the first subparagraph, Member
States shall bring into force the laws, regulations and adminis­
second
trative provisions necessary to comply with the

Done at Strasbourg, 11 March 2009.

For the European Parliament
The President

H.-G. PÖTTERING

For the Council
The President

A. VONDRA