Rehn: "We are preparing a directive for haircut on deposits"
06.04.2013
16:41
Speaking earlier today on Finnish TV, Economic and Monetary Affairs Commissioner Olli Rehn said the European Union...
Speaking earlier today on Finnish TV, Economic and Monetary Affairs Commissioner Olli Rehn said the European Union is preparing a directive according to which in the event of a bank collapse the major depositors will contribute to its rescue.
"Cyprus was a special case, but the European directive will stipulate that in case of a bank’s collapse or restructuring, the responsibility will burden investors and major depositors as well," Rehn said.
He added that there will be a strict hierarchy for those who will contribute to the rescue of a bank, as the main responsibility will be held by shareholders and then those with unprotected deposits and investments. Rehn said, however, that the deposits below 100,000 euros, which he called as "sacred", are safe.
The European Commissioner also urged the European Central Bank to take new measures to aid eurozone countries hit by recession..
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