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Bos: EU will give savers more protection

Tuesday 07 October 2008

A European Union guarantee for bank saving accounts will cover more funds than the €38,000 per saver currently guaranteed in the Netherlands, Tuesday’s Volkskrant reports finance minister Wouter Bos as saying.

Bos told the paper the guarantee may also apply to business accounts.

EU finance ministers, including Bos, met in Luxembourg yesterday evening and are today expected to announce plans to safeguard savings at European banks.

The guarantee is expected will cover between €40,000 and €100,000 for each savings account, according to sources in Brussels, the paper says.

A uniform ruling for the whole of the EU would end 'the race to the top', whereby savers are moving their deposits to member states with better guarantees than in their own countries, Bos was quoted as saying.

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Readers' comments

Why can't USA follow this lead by protecting their own citizens life savings and retirement too?

By sandra | October 7, 2008 9:56 AM

I recently sold my house and have £400,000 in an ING Savings account, while I look to buy somewhere. My fear is the threshold does not cover this and I am loathed to open 10 savings accounts and am leaning heavily towards switching my money into a bank in a country which guarantees this amount.

By Gary Dellar | October 7, 2008 11:42 AM

Gary, Don't do that. Do not change bank, because in ING you are sure and now, still further, due to the increase of the guaranties at all the countries the EU'S members. Here in Spain, we putting some additional titleholder in the bank accounts, in order that to cover all the savings. Another solution is to diversify savings getting to one half of that money to another bank. But I do not believe that you should get worried.

By Jorge | October 9, 2008 10:05 AM

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