Reuters: Regulatory News: Germany rejects joint EU bank deposit scheme-Merkel

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Germany rejects joint EU bank deposit scheme-Merkel Apr 25th 2013, 08:53 DRESDEN, Germany, April 25 | Thu Apr 25, 2013 4:53am EDT DRESDEN, Germany, April 25 (Reuters) - Germany rejects at least for now a standardised Europe-wide bank deposit guarantee scheme, Chancellor Angela Merkel said on Thursday. Germany, Europe's largest economy, fears such a scheme would leave its taxpayers footing the bill for mistakes made by banks in other euro zone countries. Speaking in the east German city of Dresden, Merkel also reiterated her centre-right government's view that in the future bank shareholders should also suffer losses in the event of their institutions receiving euro zone rescue funds. Wealthy depositors in Cypriot banks were forced to take a hit as part of the recent international bailout for Cyprus.

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