Abstract: The invention relates to water-dispersible binders for cationic electro-dip paints which are reaction products of(A) low molecular weight epoxy resins containing aromatic groups and having an epoxide equivalent weight under 375,(B) aliphatic and/or alicyclic poly-functional alcohols and/or carboxylic acids having a molecular weight under 350,(C) elasticized polyphenols having a molecular weight over 350 and(D) primary and/or secondary amines and/or their salts, the reaction product of A and B having a content of aromatic groups, calculated as phenylene group, of 10-45%.