EU agrees to always protect small depositors in bank closures

Depositors keeping less than 100,000 euros in a bank that is being closed down will get all their money back, European Union finance ministers agreed on Tuesday, and most supported the idea that bigger depositors would get privileged status. "There was general agreement that deposits below 100,000 euros in any resolution will be sacrosanct," Irish Finance Minister Michael Noonan, who chaired the talks, told a news conference.
The ministers were discussing rules of closing down banks and the hierarchy of losses imposed on the banks'' owners and creditors in such an event.