BVR LogoDE|EN Mitglieder-Login
bvrlogosmallmenu_mobilsearch

DruckansichtArtikel per E-Mail weiterempfehlenArtikel per E-Mail weiterempfehlenArtikel auf Xing teilen

activate social media functions
(Datenschutz)
Share:
back

06.05.2015

2015-05-06

Press releases

Customer deposits held with cooperative banks still fully protected / decision taken to amend BVR protection scheme in line with EU directive

The background to the necessary amendments to the BVR protection scheme is the new EU directive on the harmonization of deposit guarantee schemes, which applies to all banks in Europe and is to be transposed into national law by July 3, 2015. In order to comply with the EU directive, a separate company in the form of a wholly owned BVR subsidiary under the name of BVR-Institutssicherung GmbH will be set up in addition to the existing (voluntary) BVR protection scheme and the bank protection that it provides and will ensure statutory deposit protection of up to 100,000, while at the same time protecting the banks in the Cooperative Financial Network.

The BVR protection scheme amendments approved as a result of these new legal requirements have primarily become necessary because the EU directive emphasizes the aspect of depositor compensation. This situation never arises in practice owing to the protection provided for cooperative banks (including their central institutions DZ BANK and WGZ BANK), which in turn protects depositors. No affiliated bank has ever become insolvent since the BVR protection scheme was set up; consequently, no compensation has ever had to be paid to depositors. The BVR protection scheme provides full cover for savings deposits, savings accounts, savings certificates, time deposits, fixed-term deposits and instant-access deposits in current accounts held by individuals or companies. The BVR protection scheme also covers bearer bonds issued by cooperative banks.

The BVR protection scheme in its expanded form will also comply with the EU directive's new requirement which stipulates that, by July 3, July 2024, all deposit guarantee schemes in Europe must be funded in such a way that their available financial resources equal at least 0.8 percent of the total amount of all affiliated institutions' covered deposits. 


BVR Logo
Bundesverband der deutschen Volksbanken und Raiffeisenbanken e.V. (BVR)
Bundesverband der deutschen Volksbanken und Raiffeisenbanken e.V. (BVR)
BVR Logo
BVR - 06.05.2015, 13:22:07

URL: 

Customer deposits held with cooperative banks still fully protected / decision taken to amend BVR protection scheme in line with EU directive

Would you like to be kept informed?

Select the box below.

Press release
Please click on the number box to other numbers.
Click the image to generate a new.
Please enter the numbers
Die Datenschutzbestimmungen habe ich zur Kenntnis genommen.

Newsletter Bestellen