When banks fail, depositors should not be left empty-handed. The EP is putting pressure on Member States to make a long-delayed deal on deposit guarantees.

Security for your savings

The picture has become emblematic  of modern banking crises.

A failed bank became recognisable  by long queues formed outside its doors,

bank customers lining up,  at most times in vain,

to withdraw their savings  from the bankrupt financial institution.

When Northern Rock collapsed in 2008,  soon to be followed by Lehman Brothers,

many Europeans were again  left empty-handed.

In order to re-establish trust  in the banking sector,

the Commission proposed legislation  obliging banks to set up funds

to guarantee depositors' money  under uniform rules across the EU.

Recent experience has shown that in times  of crisis banks cannot save each other

in such a way that depositors  are fully protected.

The EP had some amendments to make  but embraced the project.

But a few states  with important banking industries

would not agree to banks' money  being put aside for the scheme.

MEPs hope the dossier can be closed soon  as there are even more pressing issues.

It's a shame that there's so much resistance  from the UK on deposit guarantees,

because this is the least problematic  part of banking regulation.

The decisive point is how much equity  banks should be obliged to hold,

and on this Britain is  essentially on the right side.

There are signs that the coalition of states  blocking the regulation is crumbling.

Parliament has now decided to go forward.

As soon as the leaders make a move,  we can very quickly come to results

that will swiftly warrant good-quality  depositor protection in Europe.