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JRC becomes official observer of European Forum of Deposit Insurers

piggy bank
Sep 21 2009

The JRC has become an official observer of the European Forum of Deposit Insurers (EFDI) following an invitation from the Forum's Board of Directors. The result of longstanding collaboration between the two organisations, the step is recognition of the important advisory role played by the JRC with a view to improving deposit protection in Europe. The EFDI statutes grant official observers the right to attend and contribute to its meetings.

Deposit insurance is a safety net protecting investors, including small bank account holders, in case of bank default.

Collaboration between EFDI and JRC's Institute for the Protection and Security of the Citizen (IPSC) has been ongoing for a number of years. The two organisations act jointly as a liaison between representatives of EU Member States and European Commission services, thus facilitating the policy-making process. JRC and EFDI have jointly contributed to the review process of the Directive 19/94/EC on Deposit Guarantee Schemes, designed to improve depositor protection and to maintain the confidence of depositors. In 2008 the JRC hosted the EU subgroup meeting of EFDI, attended by representatives of twenty European Countries.

EFDI represents over 50 deposit protection schemes around the world and covers 26 of the 27 EU Member States' national schemes. The Forum also works in collaboration with major international financial organisations including the European Central Bank (ECB), the Committee of European Banking Supervisors (CEBS), the World Bank (WB), the International Monetary Fund (IMF), the European Financial Services Roundtable (EFSR), the European Banking Federation (EBF), the International Association of Deposit Insurers (IADI) and the Federal Deposit Insurance Corporation (FDIC).