EP welcomes basic bank accounts: EP has passed, in plenary session, the proposal that will give all EU residents the right to a basic bank account. MEPs had pressed for open access to accounts so a bank would have to provide an account to anyone legally entitled to open one. They also insisted on clear information standards and the ability to switch to another basic account for a reasonable fee. The Council general approach on this file was also imminent as of 18 December. (Source: EP Welcomes Basic Bank Accounts and Council General Approach)

EP and Council agree on DGSD: The EP and Council negotiators have reached a final position on the Deposit Guarantees Scheme Directive (DGSD). The Directive now needs final adoption and, once adopted, must be transposed within 12 months. Under it, depositors will receive payment more quickly than under current schemes, and there are set limits on the amounts that the schemes must hold. The new text confirms that banks will fund the scheme, which will cover up to €100,000 per depositor and per bank. (Source: EP and Council Agree on DGSD)