Summary of EFDI's main recommendations in view of the Trilogue on DGSD Review

Tomorrow, 17 December, marks the day of the first CMDI trilogue.

This is a milestone and the next step in the framework review that is incredibly important for depositors all over Europe, even outside of the Union.

Over the past year and a half, EFDI has made efforts to provide politically neutral, technical advice, in particular on the review of the DGS Directive, but also on relevant parts of the BRRD. The results of this careful analytical work have been published and are available to all on our association's website.

Although EFDI consists of DGSs with diverse backgrounds and mandates, the goal is always the same: to protect depositors and contribute to financial stability. Good legislation, or as we use to say "better regulation," is vital for credible protection and to allow operational readiness with solutions that work well for depositors in Europe's divers banking landscape.

Given the three starting positions from the European Commission, the European Parliament and the Council of the EU, EFDI has developed a new paper which attempts to provide guidance on a number of technical topics compared to these positions. Sometimes with a clear preference for one of the positions and always with arguments to support that position.

In some cases, the outcome of the trilogue negotiations will be a result of a political agreement. For technical refinement of the text, however, EFDI insists it is absolutely key to make sure the legislation is (technically and  operationally) feasible and continues to allow DGSs to fulfill their important mandates.

Please find attached the new paper that is also published on the EFDI website here: EFDI Papers & Positions | EFDI

It is “user-friendly” as it identifies a number of relevant issues, trying to wrap up for each of them, on a single page, the various positions and the practitioners' views on that.