RRD to be finalised in Q2 2013

On 15 March 2013, the EU Council published the conclusions of its meeting held on 14 to 15 March.  Among the many issues discussed, the following are particularly relevant to the banking sector:

• finalisation of the legislative process on the Single Supervisory Mechanism within the coming weeks is a priority;
• agreement of the Bank Recovery and Resolution Directive (RRD) and Deposit Guarantee Scheme Directive must be achieved before June 2013; and
• a legislative proposal on the Single Resolution Mechanism is to be submitted by the EU Commission by summer 2013 with the intention of adopting it during the current parliamentary cycle.