European Issues

Banking union: restoring financial stability in the Eurozone

I. EU DGS Legislation

On 12 June 2014 in the Official Journal of the European Union was published the recast Directive on deposit guarantee schemes, which replaces Directive 94/19/EC and Directive 2009/14/EC. Transposition deadline of the recast directive into national legislation is 3 July 2015.

 Directive 2014/49/EU of the European parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast)

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 Directive 94/19/EC on deposit guarantee schemes

 Directive 2009/14/EC of the European Parliament and of the Council of 11 March 2009 amending Directive 94/19/EC on deposit-guarantee schemes as regards the coverage level and the payout delay

II. Banking Crisis Management Legislation

On 12 June 2014 in the Official Journal of the European Union was published the Directive on recovery and resolution of credit institutions. Transposition deadline of the directive into national legislation is 31 December 2014.

 Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012

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