The Committee on Economic and Monetary Affairs of the European Parliament has agreed to the proposal of the European Commission to amend the deposit-guarantee scheme. The compensation paid under this scheme will initially be increased to EUR 50,000. From 31 December 2010, the amount will increase further to EUR 100,000, unless the European Commission concludes that the amount is not achievable.
The operator of the deposit-guarantee scheme must pay the compensation within twenty days after the inability to pay has been determined. Applicants are also entitled to a partial payment of nor more than EUR 5,000, which has to be paid within three days of receipt of the application. Mr Bos has informed Parliament of the consequences these changes will have for the legislative proposal to amend the FMSA and the Bankruptcy Act in connection with the concurrence of the depositor’s claim on the estate and the request for compensation pursuant to the “safety net scheme”. The amendment of the deposit-guarantee scheme partially removes the problems that this legislative proposal intends to resolve. However, the Minister of Finance continues to consider the legislative proposal worthwhile.