| Author (Corporate) | European Commission: Press and Communication Service |
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| Series Title | Press Release |
| Series Details | IP/01/344 (12.3.01) |
| Publication Date | 12/03/2001 |
| Content Type | News |
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The European Commission welcomed the adoption by the 12 March 2001 Council of Economics and Finance Ministers of the proposed Directive on the Reorganisation and Compulsory Winding Up of Credit Institutions. Under the proposed Directive, where a credit institution with branches in other Member States fails, the winding up process will be subject to a single bankruptcy proceeding initiated in the Member State where the credit institution has its registered office (known as the home state) and governed by a single bankruptcy law, that of the home state. This approach is consistent with the home country control principle that is the basis for the EU's banking Directives. The Directive will fill a major gap in the European Union's financial services legislation. It was identified as a top priority in the Financial Services Action Plan (see IP/00/556) and the importance of its implementation was reiterated at the Lisbon Summit. |
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| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/01/344&format=HTML&rapid=0&language=EN&guiLanguage=en |
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| Subject Categories | Internal Markets |
| Countries / Regions | Europe |
