Press Release: Bank recovery and resolution: Council confirms agreement with EP

On 20 December 2013 the Permanent Representatives Committee approved, on behalf of the Council, a compromise agreed provisionally with the European Parliament on a draft directive aimed at harmonising national rules on bank recovery and resolution.

The directive will provide 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.

The draft directive establishes a range of instruments to tackle potential bank crises at three stages: preparatory and preventative, early intervention, and resolution.

• Primary Source

ESO: Background information: Commissioner Barnier welcomes trilogue agreement on the framework for bank recovery and resolution / EU strikes deal on resolution mechanism for failed banks http://www.europeansources.info/record/memo-commissioner-barnier-welcomes-trilogue-agreement-on-the-framework-for-bank-recovery-and-resolution-eu-strikes-deal-on-resolution-mechanism-for-failed-banks/

ESO: Background information: A comprehensive EU response to the financial crisis: substantial progress towards a strong financial framework for Europe and a banking union for the eurozone http://www.europeansources.info/record/memo-a-comprehensive-eu-response-to-the-financial-crisis-substantial-progress-towards-a-strong-financial-framework-for-europe-and-a-banking-union-for-the-eurozone/

ESO: Background Information: Economic and Financial Affairs Council, Brussels, 10 December 2013 / Ministers edge toward bank resolution deal http://www.europeansources.info/record/press-release-economic-and-financial-affairs-council-brussels-10-december-2013-ministers-edge-toward-bank-resolution-deal/

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