EU explores account freezes to prevent runs at failing banks | Reuters
'Existing EU rules allow a two-day suspension of some payouts by failing banks, but the moratorium does not include deposits. '
'EU countries which already allow a moratorium on bank payouts in insolvency procedures at national level, like Germany, support the measure, officials said. '
'The Estonian proposal was discussed by EU envoys on July 13 but no decision was made, an EU official said. '
'BRUSSELS (Reuters) - European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed. '
'Under the plan discussed by EU states, pay-outs could be suspended for five working days and the block could be extended to a maximum of 20 days in exceptional circumstances, the Estonian document said. '
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'Existing EU rules allow a two-day suspension of some payouts by failing banks, but the moratorium does not include deposits. '
'EU countries which already allow a moratorium on bank payouts in insolvency procedures at national level, like Germany, support the measure, officials said. '
'The Estonian proposal was discussed by EU envoys on July 13 but no decision was made, an EU official said. '
'BRUSSELS (Reuters) - European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed. '
'Under the plan discussed by EU states, pay-outs could be suspended for five working days and the block could be extended to a maximum of 20 days in exceptional circumstances, the Estonian document said. '
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