Deposit Guarantee Schemes Directive

Brev til den engelske finansministeren George Osborne om innskuddsgarantidirektivet.

I want to thank you for the pleasant meeting we had 18 May.

As you will recall, one of the issues we discussed was the need for adaptations to the present EU rules concerning bank deposit guarantee schemes, in order for us to maintain the coverage level for the Norwegian deposit guarantee scheme. This is, as you are aware of, an important issue for Norway.

I have just been informed that the ECON Committee in the European Parliament
24 May has proposed an amendment to the Commission proposal for a new Deposit Guarantee Directive which will meet our needs in this respect. I enclose a copy of the relevant text (article 5.3a).

I understand that this amendment will now be discussed in the Ecofin Council. I hope you may support the mentioned amendment from the Parliament’s ECON Committee in the work in the Council. Please also find enclosed a non-paper which outlines the Norwegian position and arguments with regard to maintaining the coverage level for the Norwegian deposit guarantee.

Yours sincerely,

Sigbjørn Johnsen