EU to raise deposit protection to €50,000

The agreement, which came after emergency talks by all member states in Luxembourg, means most member states will double their protection guarantees from €25,000. However, several countries, including the UK, already guarantee above this level and 100% guarantees by Ireland, Denmark and other countries might pose a threat to banks in other territories. Last week, UK Chancellor Alistair Darling announced deposit protection in the UK would be raised from £35,000 to £50,000 from today but pressure has been growing on the government to raise the level even further. The woes in the ban...