The European Forum of Deposit Insurers (EFDI)has appointed Suzanne McCarthy, as its first chairman.

McCarthy, who is also chief executive of the Financial Services Compensation Scheme was elected earlier this week.

The EFDI, established at a meeting in Vienna last month, was set up to exchange ideas on deposit protection in Europe. The Forum aims to promote the stability of financial systems.

An EFDI statement said: "The setting up of this Forum enables us to discuss and exchange experiences of deposit insurance issues affecting all European countries,

"Membership of the EFDI is open to all deposit insurance, depositor protection, deposit guarantee schemes or schemes of a similar nature located in any European country."

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