New EU Law Could Include Tax on Uninsured Deposits

Tuesday, 26 Mar 2013 10:27 AM

 

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It might be possible for large uninsured depositors to be "bailed-in" as part of the future resolution of a bank under a new draft EU law, the European Commission said on Tuesday, but savers with less than 100,000 euros at a bank would not be hit.

"At no point is it possible to bail in depositors under 100,000 euros, either now nor in the future," said a spokeswoman for Michel Barnier, the European Commissioner in charge of financial regulation.

"In the Commission's proposal, which is under discussion, it is not excluded that deposits over 100,000 euros could be instruments eligible for bail-in," spokeswoman Chantal Hughes told a regular briefing. "It is a possibility."

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