With the 5 presidents paper in June the initiative on the creation of a European Deposit Insurance (Re-insurance) System (“EDIS”) has been placed onto the focus of the European agenda.
Co-operative Banks and the EACB share the vision of a stable Economic and Monetary Union, but have serious concerns about the need and the appropriateness of an EDIS, as well as its contribution to the financial stability and to the integrity of financial markets. They note that the premature creation of an 'EDIS' may send a signal of instability and disrupt trust in sound European financial markets.
Co-operative banks urge to complete the work on SSM, SRM, DGS Directive and BRRD before any new measures in the area of deposit insurance are envisaged.
These concerns are fully detailed in a letter that was addressed respectively to Mr Jean-Claude Juncker, President of the European Commission, Mr Valdis Dombrovskis, Vice-President of the European Commission, Lord Jonathan Hill, Commissioner Financial Stability, Financial Services and Capital Markets Union, and the Financial Attachés of the 28 Permanent Representations.
For further information about this letter, please click on "download PDF". You will then access the letter that was sent to Mr Jean-Claude Juncker.