Ireland one of 15 EU countries not yet to adopt European deposit insurance scheme

A European deposit insurance scheme to cover losses up to €100,000 per customer in the event of a eurozone bank failing has been proposed by the European Commission, but Germany and Austria have signalled their disapproval.

Seen as a third pillar for banking union, it would not become fully operational until 2024 according to the plan put forward by commissioner Jonathan Hill and commission vice president Valdis Dombrovskis.

Mr Hill said: “The crisis revealed the weaknesses in the overall architecture of the single currency.