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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)
Article 1

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;

  2. Article 4 shall be amended as follows:
    1. paragraph 5 shall be replaced by the following:

      1. In the cases referred to in paragraphs 1 to 4, Member States shall ensure that deposit-guarantee schemes cooperate with each other.;
    2. the following paragraph shall be added:

      1. The Commission shall review the functioning of this Article at least every two years and, if appropriate, propose amendments thereto.;
  3. Article 7 shall be amended as follows:
    1. paragraph 1 shall be replaced by the following:

      1. Member States shall ensure that the coverage for the aggregate deposits of each depositor shall be at least EUR 50000 in the event of deposits being unavailable.
      2. By 31 December 2010, Member States shall ensure that the coverage for the aggregate deposits of each depositor shall be set at EUR 100000 in the event of deposits being unavailable.

        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, it shall present to the European Parliament and the Council a proposal to amend the first subparagraph.

      3. 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 to those set out in this Directive.;
    2. paragraph 3 shall be replaced by the following:

      1. 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.;
    3. paragraph 4 shall be deleted;
    4. the following paragraph shall be added:

      1. 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.

        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).;

  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(1).
    2. Where reference is made to this paragraph, 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(2) shall apply, having regard to the provisions of Article 8 thereof.
  5. in Article 9, paragraph 1 shall be replaced by the following:

    1. Member States shall ensure that credit institutions make available to actual and intending depositors the information necessary for the identification of 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 informed of the provisions of the deposit-guarantee scheme or any alternative arrangement applicable, including the amount and scope of the cover offered by the deposit-guarantee scheme. When a deposit is not guaranteed by a deposit-guarantee scheme in accordance with Article 7(2), the credit institution shall inform the depositor accordingly. All information shall be made available in a readily comprehensible manner.

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

  6. Article 10 shall be amended as follows:
    1. 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 determination as referred to in Article 1(3)(i) or a judicial authority makes a ruling as referred to in Article 1(3)(ii). That time limit includes the collection and transmission of the accurate data on depositors 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 and delays of the payout procedures assessing whether reduction to 10 working days of the delay referred to in the first subparagraph could be implemented.

        Member States shall ensure that deposit-guarantee schemes perform regular tests of 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.;

    2. paragraph 2 shall be deleted;
  7. Article 12 shall be replaced by the following:

    Article 12

    1. The Commission shall submit to the European Parliament and to the Council by 31 December 2009 a report on:
      1. the harmonisation of the funding mechanisms of 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;
      2. the appropriateness and modalities of providing for full coverage for certain temporarily increased account balances;
      3. possible models for introducing risk-based contributions;
      4. the benefits and costs of a possible introduction of a Community deposit-guarantee scheme;
      5. 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;
      6. the harmonisation of the scope of products and depositors covered, including the specific needs of small and medium enterprises and local authorities;
      7. the link between deposit-guarantee schemes and alternative means for reimbursing depositors, such as emergency payout mechanisms.

      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.