Tag: SRM
Parliament Offers Olive Branch Over Resolution Funding?
On 4 February 2014, the EU Parliament published a press release on the latest negotiations over bank resolution. As previously reported (see this blog post for more detail), negotiations over resolution funding seemed largely to have reached an impasse. However, yesterday’s tone seems somewhat more conciliatory in nature. The Parliament remained adamant that it would […]
SRM- Mexican standoff Euro-style
The Conference of Presidents Group have held intensive talks with their EP negotiators on the state of SRM play. The result is firmly-worded missive sent today from their own current President, Martin Schulz, to Commission President Manuel Barroso, summary translations in bold italic:
EU Banking Reform Legislation Expected January 2014
On 11 December 2013, the European Commission published a press release containing remarks made by Michel Barnier, European Commissioner for Internal Market and Services on EU banking structural reform. Mr Barnier stated that the legislative proposal on EU banking reform will be presented at the beginning of January 2014. Following the recent publication of the Volcker […]
SRM Update
On 28 November 2013, the Presidency of the EU Council published its latest Compromise Proposal (17055/13) with respect to the Single Resolution Mechanism (SRM). Changes to the previous compromise text (15503/13) are highlighted in bold and underlined.
SSM to Come Into Force by End of 2014
On 14 October 2013, the European Central Bank (ECB) published a speech given by its President, Mario Draghi, on 12 October 2013 regarding the Euro area economic outlook, ECB monetary policy and current policy challenges. The speech was wide-ranging, but touched upon progress made to date in establishing European banking union. Mr Draghi welcomed the […]
Council Deals Blow to SRM
The Single Resolution Mechanism (SRM) proposed by the EU Commission in July has suffered a fresh blow (see this blog for SRM background). On 7 October 2013, an opinion from the European’s legal service sheds serious doubt on the legality of giving a new agency wide discretion to close troubled banks under EU treaties, potentially […]
EU Commission proposes Single Resolution Mechanism
On 10 July 2013, the EU Commission proposed a Single Resolution Mechanism (SRM), a complement to the Single Supervisory Mechanism (SSM) and one of the building blocks of EU Banking Union. The SRM is designed to ensure that the resolution of a failing bank can be managed efficiently with minimal costs to taxpayers and the […]
EU Banking Union in the Balance?
If it were needed, proof positive once again that politics and economics don’t always mix is this link to an article published today in the FT. It discusses the split developing within the EU between Brussels, Paris and the European Central Bank (ECB) on one hand, and Germany on the other. The subject of the […]
Barnier Tries to Force the Pace of EU Banking Reform
On 11 April 2013, Michel Barnier, European Commissioner for Internal Market and Services, gave a speech on the EU’s long-term financing needs, during which he touched upon the current status of the Recovery and Resolution Directive (RRD) and EU banking reform. M Barnier remains open to the introduction of the EU bail-in regime before 2018, […]