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Cyprus Supports European Deposit Insurance Scheme Creation, FinMin Told ECOFIN Meeting

Cyprus Supports European Deposit Insurance Scheme Creation, FinMin Told ECOFIN Meeting

Finance Minister Constantinos Petrides reiterated that Cyprus supports the completion of the banking union during Tuesday’s meeting of the Economic and Financial Affairs Council (ECOFIN) taking place in Brussels.

During the discussion that followed a presentation by the Slovenian Presidency of a progress report on measures to strengthen the banking union, Petrides said that Cyprus supports the completion of the process, including the adoption of the proposal on a European deposit insurance scheme which will protect European depositors, as well as fiscal stability on the national level as well as on the level of the banking sector.

The ministers also discussed the Commission’s progress report on its anti-money laundering proposal as well as the capital markets union.

The Commission presented its legislative package on the capital markets union, aiming to better connect EU companies with investors and improve their access to funding, broaden investment opportunities for retail investors and better integrate capital markets.

Source: CNA

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