ECOFIN has paved the way to start negotiations with the European Parliament on EU Framework for banking recovery and resolution

27 Jun 2013, Last updated at, 07:47 EET
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author: PantherMedia/Scanpix

During the extraordinary meeting of the Economic and Finance Affairs Council (ECOFIN) in Brussels on June 27, EU finance ministers reached general approach on the Banking Recovery and Resolution Directive. Lithuanian Finance Minister Rimantas Šadžius has welcomed the important political agreement which enables to start negotiations with the European Parliament (EP).

“The Directive is one of the elements of the Banking Union and together with the Banking Union is to become an important tool to secure financial stability in the EU. Taking over the Presidency of the EU Council from July, Lithuania will aim at constructive and efficient negotiations with the European Parliament,” Minister Šadžius said after the meeting.

The Banking Recovery and Resolution Directive aims at establishing a framework which efficiently deals with failing banks and at ensuring that their resolution is financed by the private sector rather than taxpayers.

The proposal for the Directive was submitted by the European Commission a year ago. It aims at designating national resolution authorities, providing supervisory and resolution authorities with new preventive, early intervention and resolution tools, establishing resolution funds funded by the financial industry.

“This is one of the priority issues of the Lithuanian Presidency of the EU Council in the area of financial services,” stressed Minister Šadžius.

Lithuanian Finance Minister Rimantas Šadžius will chair the ECOFIN meetings after Lithuania takes the Presidency of the EU Council on 1 July. The first meeting will take place in Brussels on July 9, 2013.
 

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