Greece has significantly strengthened its financial safety net for bank depositors, outpacing the European Union's minimum requirements, according to new data released by the European Banking Authority (EBA).
The report highlights the successful completion of a decade-long initiative across EU member states to bolster Deposit Guarantee Schemes (DGS), which are designed to protect depositors in the event of a bank failure.
By the end of 2024, DGS across the EU had collectively accumulated €79 billion in available financial resources, meeting the target set by the EU's Deposit Guarantee Schemes Directive (DGSD). These funds, which banks themselves contribute to, are intended to cover up to €100,000 per depositor per bank, offering a critical safeguard against systemic financial crises.
The EBA’s annual data release tracks the progress of each member state's scheme, measuring both the available funds and the total covered deposits. In 2024, covered deposits across the EU increased by 3.2%, reaching €8.6 trillion. All 33 DGS within the EU have met or exceeded the mandated coverage level, equivalent to at least 0.8% of total covered deposits. Some schemes have gone even further, building additional reserves or securing access to rapid liquidity support.
The broader European Economic Area, which includes non-EU countries such as Iceland, Norway, and Liechtenstein, reported even higher totals, with covered deposits reaching €8.8 trillion and available protection funds standing at €81 billion.
Within this European context, Greece has emerged as a particularly strong performer. Its national scheme, the Hellenic Deposit and Investment Guarantee Fund (TEKE), demonstrated a notable improvement in its financial position over the past year. Covered deposits in Greece rose to €142.9 billion, an increase of nearly €2.9 billion compared to 2023. Meanwhile, TEKE’s available financial resources grew by 3.17%, reaching €1.8 billion.
This places Greece’s fund-to-deposit ratio at 1.26%, significantly above the EU’s mandated minimum. The figure not only confirms the adequacy of Greece’s deposit protection system but also reflects its enhanced resilience and capacity to protect savers in times of financial uncertainty.
