“11Onze insures 100% of deposits”
11Onze works with what is known as an EMI (Electronic Money Institution). What benefits does it offer? First, it is obliged by law to insure 100% of deposits. The financial director of 11Onze, Oriol Tafanell, gives us a summary.
EMIs, in the event of bankruptcy of the bank, also allow savings to be recovered in full, and not just in part, as is the case with the deposit guarantee fund. Moreover, these institutions cannot offer or promote risky investments. EMIs are not to be dismissed,” says Tafanell. The European Union requires EMIs to hold a much higher capital than any other financial institution, and they are regulated by the central bank of each country”. Want to know more about EMIs? Listen to the podcast!
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