EU explores account freezes to prevent runs at failing banks

[midas]

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BRUSSELS (Reuters) - European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed.

 

 

 

 

 

If you have any bank account in EU countries, then you are being warned to have adequate funds abroad or in cash available. 

 

http://www.reuters.com/article/us-eu-banks-deposits-idUSKBN1AD1RS?il=0

Edited July 29, 2017 by midas

[topt]

From the end of the article -

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The Commission, which declined to comment on the discussion, had previously excluded insured deposits from the scope of the moratorium tool fearing it "may have a negative impact on market confidence," according to a press release published in November.

Many states supported a suspension of payouts only during the so-called resolution of a failing bank - the process which imposes losses on lenders' investors and possibly also uninsured depositors, while preserving the continuity of the banking activities, the document said.

Most countries opposed bolder plans for an early moratorium.

Early discussions and due to continue in September and even if decided would need approval of EU lawmakers. Another good reason to exit - pre-supposing it is not supported by the UK powers that be..........