EU split on future bank bailouts

EU Finance Ministers failed on the 22-23 June 2013 to reach a deal on new rules for bailing out European banks. However, the Irish EU Presidency aimed to achieve agreement on new pan-EU rules for dealing with failing banks which would be an important part of delivering on Banking Union before the end of their Presidency at the end of June 2013.

The proposed legislation introduced by the European Commission in 2012 was aimed at providing national authorities with common powers and instruments to pre-empt bank crises and to resolve any financial institution in an orderly manner in the event of failure, whilst preserving essential bank operations and minimising taxpayers'exposure to losses.

• Primary Source

ESO: Background information: Eurozone bailout fund to prop up banks from 2014 http://www.europeansources.info/record/eurozone-bailout-fund-to-prop-up-banks-from-2014/

ESO: Background information: Proposal for a Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms... http://www.europeansources.info/record/proposal-for-a-directive-of-the-european-parliament-and-of-the-council-establishing-a-framework-for-the-recovery-and-resolution-of-credit-institutions-and-investment-firms-and-amending-council-directi/

Blog: Open Europe, 19.06.13: EU edges towards compromise on bank recovery and resolution plans http://openeuropeblog.blogspot.co.uk/2013/06/eu-edges-towards-compromise-on-bank.html

Council of the European Union: Background Note: Economic and Finance Council, Luxembourg, 21 June 2013 http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressData/en/ecofin/137521.pdf

EUObserver, 24.06.13: Ministers crawl toward bank resolution deal http://euobserver.com/economic/120614

ESO: Background Information: Speech: Vice-President Rehn's remarks at the ECOFIN http://www.europeansources.info/record/speech-vice-president-rehns-remarks-at-the-ecofin-3/

---