ECB has issued an opinion in relation to the proposal for a Regulation to establish a European Deposit Insurance Scheme (EDIS). ECB recognises that an EDIS is the necessary third pillar to complete the Banking Union, following the establishment of the single supervisory mechanism and the single resolution mechanism, and largely welcomes the proposal. However, ECB emphasises the importance of the full and timely implementation of the recast Deposit Guarantee Schemes Directive as a necessary precondition to the EDIS and therefore calls on the Member States concerned to comply with those obligations as quickly as possible. (Source: ECB opines on establishing EDIS)