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ECB can accept limited deposit insurance scheme as first step: de Guindos

·1-min read
FILE PHOTO: EU finance and economy ministers hold informal meeting in Berlin

FRANKFURT (Reuters) - The European Central Bank can live with a limited version of a European Deposit Insurance Scheme as long as this compromise is considered temporary, ECB Vice President Luis de Guindos said on Thursday.

With political support lacking for full-fledged deposit insurance, European Union member are discussing a hybrid model, in which liquidity support would be provided to national schemes as a first step.

"In my view, this hybrid model could be a possible compromise way forward, as long as an EDIS with full risk-sharing, covering both liquidity needs and losses in the steady state, remains the end goal," de Guindos said in a speech.

(Reporting by Balazs Koranyi)