On September 15, 2016, the European Forum of Deposit Insurers (EFDI) published its model deposit guarantee scheme co-operation agreement and supporting rulebook.
The recast Deposit Guarantee Scheme Directive (2014/49/EU) requires EU deposit guarantee schemes (DGS) to repay depositors in a cross-border branch through the DGS in the home state country.
The EFDI model co-option agreement covers the cross-border payment framework, mutual lending and the transfer of contributions between DGS. It also contains methodology implementing technical and functional co-operation for cross-border payments together with IT data requirements, funding and crisis communications.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.