On November 28th 2016, the Bank Guarantee Fund (BFG) signed the EFDI multilateral cooperation agreement between deposit guarantee schemes under Article 14(5) of Directive 2014/49/EU of 16 April 2014 on deposit guarantee schemes (DGS). The objective of this Agreement is to facilitate an effective cooperation between DGSs and, where appropriate, the designated authorities, in the EU. In particular, it specifies various aspects for repayment of depositors at branches, transfers of DGSs’ contributions and mutual lending between DGSs, which otherwise would have to be agreed upon very quickly at a time of stress which would divert the DGSs’ attention and resources away from other difficult decisions.
Signing the Letter of Adherence to the Agreement between deposit guarantee schemes and designated authorities in the EU the BFG hereby agrees to the terms of the Agreement as a Party thereof.
