S&D Group spokeswoman on economic and monetary affairs Elisa Ferreira said:
 
"The socialists and democrats in the European Parliament have been insisting for a long time on the need to implement the promised third leg of the Banking Union, which is the European deposit guarantee scheme.
 
"Today's proposal is a first step that needs to be strengthened during the upcoming legislative negotiations. We have to progress quickly to the completion of the Banking Union in order to finally break the link between banks and the states where they are located."