On 10 December, EU Finance Ministers adjusted the Council's negotiating position on the Bank Recovery and Resolution Directive and on the Directive on Deposit Guarantee Schemes. The two proposals are closely connected and will be applicable throughout the EU. At the same time, they form part of the "Single Rule Book" underpinning the function of the unions' future banking union. The Ministers also discussed many elements of the proposal for the Single Resolution Mechanism. The draft Directive on Deposit Guarantee Schemes aims to further simplify and harmonise existing EU rules in this area and thus improve the functioning of existing guarantee schemes. At present, deposits of up to €100,000 are already guaranteed in the EU. The new requirements aim to ensure that each scheme has sufficient funds to deal with a medium sized bank failure. The proposal for a Bank Recovery and Resolution Directive aims to set standards for the pre-emption of bank crisis and for the orderly restructuring and resolution of failing banks. The goal is to preserve the main banking operations, while minimising the risk of losses to tax payers.