Finance Ministry Proposes Entirely New Law to Guarantee Bank Deposits

The draft of a new Bill to Guarantee Bank Deposits and the motives attached were published Wednesday on the Finance Ministry website after informal consultations with the European Commission, the ministry said.

Pursuant to Article 11 (1) of the Statutory Instruments Act, because of the existence of numerous and important changes, there is a proposal to repeal the acting Bank Deposit Guarantee Act and pass an entirely new one. The draft bill eradicates the omissions of the currently valid act and transposes the revisions to the acquis communautiare in the same field passed in the middle of this year.

Previously, the government intended revisions to the Bank Deposit Guarantee Act to limit the cases of circumventing the law.