The European Commission has put forward a revision of the Directive on Deposit Guarantee Schemes (1994/19/EC) that puts into action the recent commitments made by EU Finance Ministers. The new rules are designed to improve depositor protection and to maintain the confidence of depositors in the financial safety net. Under the new rules, the minimum level of coverage for deposits will be increased within one year from EUR 20,000 to EUR 100,000, and initially to EUR 50,000 in the intervening period. Individual Member States can choose to add to these minimum levels. In addition, the payout period in the event of bank failure will be reduced from three months to three days. The proposal now passes to the European Parliament and the Council of Ministers for consideration.