The Economic and Monetary Affairs Committee (ECON) in the EP has voted through a proposal on bank deposit guarantee schemes. The proposal says that, by the start of 2017, banks should return up to €100,000 of a depositor's money on request within a week. Until then, Member States may choose to extend this to 20 working days so long as €5,000 is paid within a week. Guarantee schemes should step in where banks cannot pay. The agreement is part of a move to make permanent the current temporary arrangement that guarantees up to €100,000 of a person's deposits. MEPs also want riskier banks to contribute more to the schemes than other banks, with some potentially paying 2.5 times more than average. It proposes funding for each scheme should equal 1.5% of the deposits that it covers, which it says should be achieved within 15 years of the proposed Directive taking effect. Member States have resisted the "polluter pays" suggestion, instead wanting contributions to be based on amount of deposits held, and also want funding limited to 0.5%. There should now be a second reading in EP. (Source: EP Votes on Deposit Guarantees)