Bank deposits cannot be guaranteed across the eurozone

Deposits cannot be guaranteed across the eurozone and it is wrong to assure depositors to the contrary; and the situation is very much the same in the UK. If that comes as a surprise, then a recent joint paper from the Bank of England and the US Federal Deposit Insurance Corporation should give pause for thought. In following the EU Recovery and Resolution Directive, those two authorities have been collaborating ‘to develop resolution strategies that could be applied to their largest financial institutions’.

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Source: http://www.iea.org.uk/blog/bank-deposits-cannot-be-guaranteed-across-the-eurozone

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