The European Commission on Monday unveiled a proposal to better protect depositors by raising the maximum guarantee in case of bank or investment group failures.
The proposal would double the maximum payout to 100,000 euros ($126,000) for bank account holders, and would more than double the payout in cases of fraud, malpractice or operational errors, to 50,000 euros. It would also shorten the deadline for the payment to one week by the end of 2013, down from the current three months.
The EU's financial regulation commissioner, Michel Barnier, said the plan was the latest attempt to bring "transparency and responsibility to Europe's financial system."
For more: European Commission plans to raise bank deposit guarantees | Europe | Deutsche Welle | 12.07.2010
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