Completing the Banking Union: Deposit Insurance. CEPS Policy Brief No. 335, 3 December 2015

It is generally agreed that a Banking Union should have common or ‘single’ institutions responsible for carrying out three basic functions: supervision, resolution and deposit insurance. So far, however, agreement has been reached in the EU on only the first two of these functions. The Commission has now presented its proposal on how to complete the Banking Union with a European Deposit Insurance Scheme (EDIS). It is an innovative and courageous proposal. It is courageous because it will clearly be very controversial in a number of member states (especially Germany) and it is innovative because it proposes a three-stage process, starting with re-insurance, then switching to co-insurance and finally to full direct insurance of deposits via a ‘single’ Deposit Insurance Fund (DIF). This final stage should be reached in 2024, which is also the date at which the Single Resolution Fund (SRF) will become the only source of financing for bank resolution. The Commission’s proposal calls for integrating the decision-making for EDIS into the decision-making entity for the SRF, namely the existing Single Resolution Board (SRB). This makes sense if one views resolution and deposit insurance as two highly interlinked dimensions of dealing with banks in trouble. In this view the two dimensions should be bundled into one institution – and one suspects that over time the two funds (the SRF and the DIF) could be merged into one. This Policy Brief argues that re-insurance should not be considered as a transitory phase, but could also provide a solution for the long run. ‘Experience rating’ could be used to ensure a proper pricing of risk and to protect the interests of the depositors in countries with safer banking systems. Moreover, EDIS should have a decision-making structure separate from and independent of the SRM, since it has mainly a macroeconomic function.

(Table 1) Organohalogen contaminants in adipose tissue of captive sledge dogs (Canis familiaris) fed with whale blubber or pork fat

Studies on the fate of organohalogen contaminants (OHCs) in wild top predator mammals in the Arctic have often been a challenge due to important knowledge deficiencies in the life history of the sampled animals. The present study investigated the influence of age, dietary and trans-generational factors on the fate of major lipophilic chlorinated and brominated OHCs in adipose tissue of a potential surrogate captive species for the polar bear (Ursus maritimus), the sledge dog (Canis familiaris) in West Greenland. Adult female sledge dogs (P) and their sexually-mature (F1) and/or pre-weaning pups (F1-MLK) were divided into an exposed group (EXP) fed blubber from a Greenland minke whale (Balaenoptera acutorostrata) and a control group (CON) given commercially available pork fat. Large dietary treatment-related differences in summed and individual congener/compound adipose tissue concentrations of polybrominated diphenyl ethers (PBDEs), hexachlorobenzene (HCB), chlordanes (CHLs) and polychlorinated biphenyls (PCBs) were found between the EXP and CON groups for all the sledge dog cohorts. However, among the F1-MLK, F1 and P dogs in both of the EXP and CON groups, little or no difference existed in PBDE, HCB, CHL and PCB concentrations, suggesting higher state of equilibrium in adipose tissue concentrations from a very early stage of life. In contrast, the distribution pattern (proportions to the summed concentrations) of OHC classes, and the major congeners/ compounds constituting those classes, varied on a dietary group- and/or cohort-dependent manner. The present captive sledge dog study demonstrated the importance of the confounding effects of diet composition, mother-pup association (maternal transfer), reproductive status (nursing), and to a lesser extent age in the fate of OHCs in adipose tissue of a large top carnivore mammal.

Kitāb Nuzhat dhawī al-kays wa-tuḥfat al-udabāʼ fī qaṣāʼid Imruʼ al-Qays ashʻar al-shuʻarāʼ.

Added t.p.: Le diwan d'Amroʼlkaïs,prʹecʹdʹe de la vie de ce poète par l'auteur du Kitab el-aghani accompagnʹe d'une traduction et de notes par Le Bon. Mac Guckin de Slane.

The International Banking Facility Deposit Insurance Act : hearing before the Subcommittee on Financial Institutions Supervision, Regulation, and Insurance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, first session, on H.R. 4879 ... November 4, 1981.

Item 1013-A, 1013-B (microfiche)