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I understand that only 20k euro is covered by the German equivalent of the FDIC, deposit insurance

Apart from the fact that the EU deposit insurance covers at least €50k, this is generally per institution. So you could split your savings among several banking institutions not part of the same bank holding corporation and each portion would be covered separately. The rules are in the Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes. Make sure you get a consolidated version which includes the changes approved at the end of 2008.

The brainless should not be in banking -- Willem Buiter

by Migeru (migeru at eurotrib dot com) on Wed Mar 24th, 2010 at 07:29:03 AM EST
So, it may be wise to have savings accounts with Sparkasse, Deutsche Bank, and Commernzbank?  Split the sum up between between the three or four largest banks in Germany.

I'm just afraid of their exposure to eastern and southern Europe.

"Schiller sprach zu Goethe, Steck in dem Arsch die Flöte! Goethe sagte zu Schiller, Mein Arsch ist kein Triller!"

by Jeffersonian Democrat (rzg6f@virginia.edu) on Wed Mar 24th, 2010 at 07:50:58 AM EST
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As long as all the banking groups don't fail together...

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Wed Mar 24th, 2010 at 07:58:42 AM EST
[ Parent ]

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