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EBC Will Decide Your Grocery Budget

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 coco    564

Covered deposits no longer need to be protected, according to the European Central Bank (ECB), which has proposed this month to stop withdrawals when a bank is on the verge of failing.

“Covered deposits and claims under investor compensation schemes should be replaced by limited discretionary exemptions to be granted by the competent authority in order to retain a degree of flexibility,”  said the bank’s proposal.

It has suggested the current €100,000 (£85,000) deposit level currently protected in the event of a bail-in would no longer be available.

“...during a transitional period, depositors should have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of a request.” That means depositors will have to wait five days for a ‘competent authority’ to decide what is an ‘appropriate amount’ of their own money for them to have access to buy food, pay bills and so on.


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