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The Deposit Guarantee Scheme Directive 2014/49 also referred to as DGS Directive or DGSD is a Directive in EU law that requires bank customers' deposits are guaranteed by member states up to €100,000.
Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes [11] requires all member states to have a deposit guarantee scheme for at least 90% of the deposited amount, up to at least 20,000 euros per person.
Following the collapse of Landsbanki in October 2008, the governments of the UK and Netherlands guaranteed for the deposits in Landsbanki's foreign branches. According to the Directive on deposit-guarantee schemes (94/19/EC) [2] as implemented in Icelandic law (Act No. 98/1999), Iceland's deposit-guarantee schemes must cover up to €20,000 of deposits per person made in Landsbanki's foreign ...
Deposit Guarantee Scheme Directive (DGSD; Directive 2014/49/EU of 16 April 2014), which regulates deposit insurance in case of a bank's inability to pay its debts. [ 29 ] [ 30 ] Bank Recovery and Resolution Directive (BRRD; Directive 2014/59/EU of 15 May 2014), which establishes a framework for the recovery and resolution of credit institutions ...
The Icelandic government has stated that the directive was never intended to cover the case of a systemic failure, and does not impose a sovereign guarantee on deposit insurance schemes. In a speech on 3 March 2009, the Dutch Finance Minister Wouter Bos said: "First and foremost, European countries need to take a close look at how the deposit ...
IPSs interact with deposit guarantee schemes. Article 4(2) of the Deposit Guarantee Directive 2014 states: "An IPS may be officially recognised as a DGS". Article 13(1) of the same text specifies that "Member States may decide that members of an IPS pay lower contributions to the DGS."
Case E-16/11 Icesave [21] is widely considered to be the landmark case of the EFTA Court case, mainly due to its relation to the 2008 Icelandic financial crisis and Directive 94/19/EC on deposit-guarantee schemes, which had also been transposed into EEA law. This directive obliged EU and EEA EFTA states to create deposit-guarantee schemes.
In line with the EU Deposit Guarantee Scheme Directive of 2014, the IPS of the Sparkassen-Finanzgruppe is also designated as the deposit guarantee scheme for all its member banks. [10]: 77–79 in August 2021, the DSGV members unanimously adopted a resolution to reform the system and establish a Deposit Insurance Fund, gradually from 2024-2025.