According to a media report, the savings banks and Landesbanken have agreed to reform their bank security system.
According to the Süddeutsche Zeitung (Wednesday edition), the plans provide for the public institutions to save a total of 5.2 billion euros in addition to better protect their customers' deposits in the event of bank failures.
Landesbanken are to carry 2.6 billion euros, two billion euros went to the savings banks.
In addition, there are “promises to pay” by the savings banks amounting to 600 million euros.
The financial supervisory authority still has to approve the project.
On Friday, the general meeting of the savings bank umbrella association DSGV should resolve the amendment to the statutes.
The newspaper quoted a spokesman for the German Savings Banks and Giro Association (DSGV) as saying that the company is on the right track when it comes to key issues relating to the security system.
The aim is to come to a decision in the committees and to implement it.
For some time now, the European Central Bank (ECB) and the financial supervisory authority Bafin have been pushing for a reform of bank security at savings banks and Landesbanken