EU Aims for Joint Deposit Fund by 2024 in Banking Union Push

European officials are pushing for a breakthrough in the long-stalled negotiations over completing the bloc’s banking union with a common deposit insurance fund.

Eurogroup President Paschal Donohoe has been outlining his plans to break the impasse over the past few days and will present his ideas to euro-area finance ministers in a video conference on Tuesday. He wants to have a common European deposit guarantee fund in place, at least in embryonic form, by 2024 to bring added protection for savers and to strengthen the European banking system, according to the proposal seen by Bloomberg.