And since market participants will most likely anticipate the new rules even if the later date is chosen, we may as well aim at 2015 for the BRRD to enter into force. Why is a common deposit guarantee scheme not also on the agenda? The reason is that a strong resolution framework lessens the need for it, at least for the medium-term.
Under BRRD, banks will have to maintain a minimum level of liabilities that are eligible to be bailed-in, meaning shareholders and creditors will absorb the majority of losses. Moreover, it seems very likely that BRRD will contain a depositor preference rule, with insured deposits given the highest priority. This means that only in extreme cases will deposit guarantee schemes have to pay out.