European Union (EU) finance ministers agreed Tuesday to raise the minimum deposit guarantee that member states must offer savers.
Under the new decision, the minimum level will be raised from 20,000 euros (25,200 U.S. dollars) to 100,000 euros (126,000 U.S. dollars) by the end of 2011, and initially to 50,000 euros (63,000U.S. dollars) in the intervening period.
Individual member states can choose to add to these minimum levels. In addition, the payout period in case of a bank failure will be reduced from three months to 20 days.
The move, based on a proposal by the European Commission in October, was part of the EU's immediate response to the financial crisis.
The decision must also be approved by the European Parliament to take effect.
Source:Xinhua
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