Even when Iceland and all its banks went bankrupt the Icelandic government did keep its promises under the deposit insurance scheme that it had.

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The mutualisation of risk may have to encompass a euro-zone bank-resolution fund as well as a joint deposit-insurance scheme.

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And the commission has set aside the idea of a joint euro-zone deposit-insurance scheme because of German objections to pooling liabilities.

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Under a passport system covering the European Economic Area (a broader, watered-down version of the European Union), investors were supposedly covered by the Icelandic deposit-insurance scheme.

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The reforms would also create a deposit-insurance scheme: at the moment only deposits at Sberbank, the country's biggest bank, enjoy an implicit guarantee, because it is owned by the state.

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There was no agreement to euro-wide deposit insurance or to a common bank-resolution scheme.

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