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Many countries guarantee depositors’ savings

As a result of the global credit crunch several countries have passed laws guaranteeing their depositors' savings.

india Updated: Oct 13, 2008 22:54 IST

As a result of the global credit crunch several countries have passed laws guaranteeing their depositors' savings:

Europe

European Union finance ministers agreed on October 7 to increase minimum bank deposit guarantees in Europe to 50,000 euros ($67,500) from 20,000 euros.

After Germany offered a blanket guarantee on bank deposits, Austria, Britain, Denmark, France, Greece, Hungary, Portugal, Slovakia, Slovenia, Sweden unveiled similar plans.

Ireland triggered the rush with a law offering an unlimited guarantee on all deposits at its biggest banks. It later extended it to five foreign-owned banks.

Belgium, Lithuania, Malta, the Netherlands and Spain have upped their guaranteed limit to 100,000 euros.

Non-EU member Iceland has offered an unlimited guarantee for all deposits in commercial and savings banks.

Asia

The Aussie government will guarantee all deposits in domestic banks.

Indonesia raised the value of guaranteed deposits from 100 million rupiah ($10,300) to two billion rupiah.

New Zealand’s government has guaranteed all retail bank deposits for a period two years.

Japan to consider guaranteeing all bank deposits if necessary.

West Asia

The UAE said it will guarantee deposits and savings in local and foreign banks for three years.