The lessons of Cyprus

The deposit insurance system of Cyprus has become obsolete In response to the request of, István Tóth, PR&IR Manager of the National Deposit Insurance Fund (NDIF) has described in detail the deposit insurance system of Cyprus and provided information on the common talk on deposit insurance in Europe. With the relevant directive Brussels carved the protection of deposits under EUR 100,000 in stone. With the directive the EU promises that European citizens’ bank deposits worth maximum EUR 100,000 are sacrosanct irrespective of the depositors’ nationality. Therefore, neither the Cyprian banks, nor the credibility of the EU benefited from the idea of a standard surtax coming especially from this direction… Read More

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