| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2017) 592 final (11.10.17) |
| Publication Date | 11/10/2017 |
| Content Type | Policy-making, Report |
|
Background and further information: The European Commission proposed in 2012 a Banking Union to restore trust and bring consistency while strengthening confidence in the euro. The Banking Union is based on stronger prudential requirements for banks. It consists of bank supervision, rules for managing failing banks as well as improved protection for depositors. This Communication on the completion of that Banking Union includes a set of key messages concerning different elements relating to bank resilience and risk: + Call on the Council of the European Union and the European Parliament to swiflt adopt a package of proposals - put forward in November 2016 - aimed at reducing risks and strengthening the resilience of EU banks; + Suggestion on phases and timeline for the creation of a single European Deposit Insurance Scheme (EDIS), in order to facilitate the process and encourage progress in the negotiations concerning the original proposal; + The creation of a common fiscal backstop for the Single Resolution Fund (SRF), following the suggestion included in the Reflection Paper on Deepening the EMU of a credit line from the European Stability Mechanism (ESM); + Suggestion of new actions to reduce Non-Performing Loans (NPLs), included in a legislative package in preparation by the European Commission; + Possible measures for Sovereign Bond-Backed Securities; + Expansion of bank supervision to include large investment firms. The European Commission published on 11 October 2017 a Communication on the progress around the creation of the Banking Union and the measures still needed to complete it. |
|
| Source Link | Link to Main Source http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52017DC0592 |
| Related Links |
|
| Subject Categories | Business and Industry |
| Countries / Regions | Europe |
