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Press conference by Michel Barnier, Member of the EC, on the proposal of the Single Resolution Mechanism by the Commission

Michel Barnier, Member of the EC in charge of Internal Market and Services, gave a press conference after the EP and the Council reached an agreement on the Single Resolution Mechanism proposed by the Commission.
The EP and the Council have reached a provisional agreement on the proposed Single Resolution Mechanism for the Banking Union. The mechanism complements the Single Supervisory Mechanism which, once fully operational in late 2014, will see the European Central Bank (ECB) directly supervise banks in the euro area and in other Member States which decide to join the Banking Union. The Single Resolution Mechanism would ensure that – not withstanding stronger supervision - if a bank faced serious difficulties, its resolution could be managed efficiently with minimal costs to taxpayers and the real economy.
In order to become law, the Commission's proposal needs to be adopted jointly by the EP and by the EU Member States in the Council (which votes by qualified majority). It is expected that the European Parliament will vote this legislation in plenary in April, while the Council will formally adopt it subsequently.
The Single Resolution Mechanism would enter into force on 1 January 2015, whereas bail-in and resolution functions would apply from 1 January 2016, as specified under the Bank Recovery and Resolution Directive.
Press conference by Michel Barnier, Member of the EC, on the proposal of the Single Resolution Mechanism by the Commission
Michel Barnier, at the podium
Reference: P-025304
Date: 20/03/2014
Press conference by Michel Barnier, Member of the EC, on the proposal of the Single Resolution Mechanism by the Commission
Michel Barnier, at the podium
Reference: P-025304
Date: 20/03/2014
Press conference by Michel Barnier, Member of the EC, on the proposal of the Single Resolution Mechanism by the Commission
Michel Barnier, at the podium
Reference: P-025304
Date: 20/03/2014
Press conference by Michel Barnier, Member of the EC, on the proposal of the Single Resolution Mechanism by the Commission
Michel Barnier, at the podium
Reference: P-025304
Date: 20/03/2014
Press conference by Michel Barnier, Member of the EC, on the proposal of the Single Resolution Mechanism by the Commission
Michel Barnier, at the podium
Reference: P-025304
Date: 20/03/2014
Press conference by Michel Barnier, Member of the EC, on the proposal of the Single Resolution Mechanism by the Commission
Michel Barnier, at the podium
Reference: P-025304
Date: 20/03/2014
Press conference by Michel Barnier, Member of the EC, on the proposal of the Single Resolution Mechanism by the Commission
Michel Barnier, at the podium
Reference: P-025304
Date: 20/03/2014

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