Risk Annual Summit: Depositors will trust EU guarantee despite Cyprus, says BdF official

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Despite plans to finance a bailout of the Cypriot banking industry with bank deposits, European Union (EU) policy-makers will push ahead with a new EU deposit guarantee – part of plans for a single supervisory mechanism (SSM), or banking union – attendees at the Risk Annual Summit heard today.

"We clearly hope that the two other parts [of the SSM] – resolution and the deposit guarantee scheme – will come very quickly, because as the Cyprus situation has shown, it's really part of the same system