Press Release: Financial services: Commission welcomes political agreement on the winding up of credit institutions

The Commission has welcomed the political agreement reached by Council of Economic and Finance Ministers on 8 May 2000 on a common position for the proposed Directive on the Reorganisation and Compulsory Winding Up of Credit Institutions. The proposed Directive fills a major gap in the European Union's financial services legislation; it was identified as a top priority in the Financial Services Action Plan and the importance of its implementation was reiterated at the Lisbon Summit, March 2000.