BRUSSELS (AP) ― Europe’s leading institutions clashed in a rare sign of public discord Tuesday over what shape future financial rescues will take following the bailout for Cyprus, creating further uncertainty and concern about the safety of keeping large deposits in European banks.

In a 10 billion euro bailout deal clinched in the early hours of Monday morning, Cyprus agreed to dissolve the country’s second-largest bank, inflicting significant losses ― possibly up to 40 percent ― on all deposits larger than 100,000 euros ($130,000).

That step, agreed with the other 16 European Union countries that use the euro and the International Monetary Fund, marks the first time in Europe’s 3-year-old debt crisis that large deposit holders ― wealthy savers, businesspeople or institutions ― will be forced to take losses as part of a eurozone rescue. 

The move was hailed later that day by Jeroen Dijsselbloem, the head of the Eurogroup of euro finance ministers, who said that forcing losses on banks’ shareholders, bondholders and even large depositors could become the template for future rescues.

However by Tuesday, Benoit Coeure, a member of the executive board of the European Central Bank, bluntly dismissed Dijsselbloem’s idea.

Coeure told France’s Europe 1 radio that Dijsselbloem was “wrong” to say that because the solution agreed on for Cyprus cannot be a model for the eurozone. Cyprus’s situation is unique because of the island nation’s outsized financial sector, including large deposits from foreigners, added Coeure, who sits on the ECB’s six-member executive board.

French President Francois Hollande insisted that the Cyprus solution is one of a kind. “What is really important regarding Cyprus ... was the exceptional, specific, unique treatment and which, nevertheless, had to be done,” Hollande said at a news conference in Paris, with visiting Spanish Prime Minister Mariano Rajoy.

Rajoy said he believes banking recapitalization should be done through the European Stability Mechanism, not through the deposits of savers. “I am not in agreement with that, and I will defend my position,” he said.

Also Tuesday a leading European Parliament lawmaker further muddied the waters by calling for the enforcement of losses on big savers to be enshrined in in law in cases of bank failures. Deposits of up to 100,000 euros are guaranteed by a state-backed deposit insurance scheme. In the U.S., deposits are generally insured by the Federal Deposit Insurance Corporation up to $250,000.

“When a bank is in crisis, deposits below 100,000 euros shall be protected, but once the shareholders have lost value, the investors have lost money, then large deposits are in the last row of the pecking hierarchy,” said Gunnar Hokmark, an influential Swedish member of the European Parliament who is leading negotiations on finalizing a set of laws for winding up problem banks.

“Deposits will not be bailed-in until nearly all others tools are exhausted,” he told the Associated Press. “But above the 100,000 euros level, there must be some risk, otherwise we wouldn’t have the deposit insurance guarantee.”