| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Memo |
| Series Details | MEMO/13/1140 (12.12.13) |
| Publication Date | 12/12/2013 |
| Content Type | News, Overview |
|
On 11 December 2013, Parliament and Council Presidency negotiators reached a political agreement on the draft bank recovery and resolution directive, the first step towards setting up an EU system to deal with struggling banks. This directive will introduce the 'bail-in' principle thereby ensuring that taxpayers will not be first in line to pay for bank failures. The directive is to enter into force on 1 Jauary 2015 and the bail-in system is to take effect on 1 January 2016. However, top officials in Brussels have told Spiegel that they disagreed with Berlin's approach to creating the planned banking union. Chancellor Angela Merkel is trying to give big member states too much power, they said. |
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| Source Link | Link to Main Source http://europa.eu/rapid/press-release_MEMO-13-1140_en.htm |
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| Subject Categories | Business and Industry, Economic and Financial Affairs |
| Countries / Regions | Europe |
