18th Feb 2016
New legislation (law and regulations) on deposit guarantee schemes (DGSs) and the resolution of credit and other institutions has been approved by the Parliament. The new legislation repeals and replaces the Deposit Guarantee Schemes and the Resolution of Credit and Other Institutions Law of 2013, in line with EU Directive 2014/49 and certain provisions of EU Directive 2014/59.
The main provisions of the new legislation are as follows:
Further to the above, the Regulations contain provisions on the participation in the DGS, the definition of covered and eligible deposits, the coverage level and the scope of the protection, the procedure on the activation of the Scheme and administrative provisions on the functioning of the Scheme’s Management Committee.