The deposit insurance system in the EU legislation – from idea to (non)realization
Keywords:
deposit insurance, depositor, depositors' protection, bank, financial stability, coverage limit, co-insurance, insurance premium, Directive 2014/49/EU, European UnionAbstract
The Deposit Insurance System is of great importance for depositors, on the one hand, banking sector security and global financial stability on the other. It is a measure that allows depositors to settle their claims even in situations where banks, due to the financial crisis, are unable to refund deposited money. Under those circumstances Deposit Insurance is providing protection for depositors guaranteeing them settlement by a third party - the insurer. Protecting the depositors from the risk of losing deposited money, deposit insurance establishes depositors' trust in the banking system and financial stability. Inadequately regulated deposit insurance systems lead to depositors' lack of trust in the banking system, which can lead to withdrawal of the deposited money resulting in ongoing financial problems for banks ending in liquidation or bankruptcy. Frequent financial crises in the EU followed by bank bankruptcy or liquidation brought up the idea of the deposit insurance importance. The idea of introducing a deposit insurance system to the European (Economic) Community was first time concretized with adoption of the recommendation by European Commission 87/63/EEC. Considering that the idea behind the recommendation was not accepted and many countries did not implement deposit insurance systems, Directive 94/19/EC was adopted by the European Parliament in 1994, not having a great effect as well. Seeking to achieve highest results European legislators adopted a new Directive 2009/14/EC. Although some changes were evident, due to numerous inadequately regulated or unregulated questions, the 2009 Directive did not bring much success. Finally, Directive 2014/49/EU was adopted in 2014 and it is still in force. In this article we, firstly, discus general notion and importance of the deposit insurance, following with analyses of development of the deposit insurance system in the EU legislation - from the idea to the its realization, with a critical view of the most important issues all in order to find an optimal model for this legal institute.
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