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