EU seeks alternatives to common bank deposit insurance

Brussels

EUROPEAN Union states put the brakes on a plan to establish a common fund to protect bank depositors, urging instead the exploration of alternatives which are likely to reduce the protection of European savers, an EU document seen by Reuters said.

The 28 EU countries are negotiating the setting up of a European deposit insurance scheme (EDIS) that would cover individual deposits of up to 100,000 euros (S$153,425) in all participating countries.