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Calls for Spain to give protection to savings of over €100k

Source: El Pais - Tue 14th May 2013
Calls for Spain to give protection to savings of over €100k

Spanish Economy Minister Luis de Guindos on Tuesday proposed that Europe should provide protection for deposits of more than €100,000 in the event of bank failures, arguing that the current guarantee limit of €100,000 euros is "artificial."

Speaking to reporters in Brussels after a meeting of European finance and economy ministers, De Guindos said that guaranteeing bank deposits of €100,000 or less is not in doubt, but that there are moves to reach agreement providing protection for amounts of over €100,000 as well, in the case of exceptional circumstances and based on very strict rules.

"We have to send a very clear message: that deposits are adequately protected," De Guindos said.

De Guindos also called for the introduction of the idea of shareholders and creditors sharing some of the burden for bank rescues to be delayed to 2018 as opposed to 2015, as proposed by some EU members, who want depositors with more than €100,000 to accept some of the pain of bank bailouts.

De Guindos said a common system of guaranteeing bank deposits was a key aspect in the creation of a European banking union.

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