Source: European Parliament
Directive 2014/49/EU aims to create a single framework to protect depositors from the consequences of the insolvency of credit institutions and to provide depositors with the same level of protection throughout the European Union.
However, deposit guarantee schemes (DGSs) in different Member States have ambiguous assessments of the content of Article 14(3) of the Directive. The DGSs of some Member States claim that the contributions collected for the transferred deposits within 12 months must be transferred to another DGS, regardless of when the original (primary) DGS actually received the contributions for the 12 months in question. The DGSs in other Member States argue that if the original (primary) DGS did not actually receive contributions during the 12 months prior to the transfer of deposits (although these contributions were actually received either before or after the 12-month period), the primary DGS is not obliged to transfer these contributions to another DGS.
Does Article 14(3) of the Directive oblige DGSs to transfer only the contributions actually received during the 12 months in question, or does the DGS have an obligation to transfer contributions which, although received by DGSs either earlier or later than the 12 months in question, were paid specifically for the relevant 12 months before the transfer of deposits?