Extraordinary Economic and Financial Affairs Council: extracts from the arrivals and doorsteps

Type: News   Reference: i-079977   Duration: 00:06:14  Lieu: Brussels, Belgium - Council / Justus Lipsius
End production: 26/06/2013   First transmission: 26/06/2013
EU Ministers for Economic and Financial Affairs hold an Extraordinary ECOFIN Council on 26 June 2013, resuming the last meeting which took place on 21 June 2013.

Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:02
00:00:02 Arrival and SOUNDBITE (in English) by Jeroen Dijsselbloem, Dutch Minister for Finance: In the future we're going to pay money in the resolutions funds and it is very important that we have the same roles in our countries, also the same kind of flexibility and what that flexibility would look like, how large will be, that must yet to be determined, so that is we'll work now. 00:00:10
00:00:12 SOUNDBITE (in English) Michael Noonan, Minister for Finance of Ireland: I am aware it is an international story, but my colleagues are familiar with the Anglo-Irish Bank because it was the cause of the crisis, it was the first move that drove Ireland into a bail-out programme. It is very recently that we liquidated it, only last February. Many people think the liquidation was a consequence of the deal on the promissory note, but it was a judgement and the general management took on now. None of my colleagues mentioned, and that is not to say they are not aware of the issue. 00:00:59
00:01:11 SOUNDBITE (in German) Maria Fekter, Federal Minister for Finance of Austria: We are going to see more in detail the flexibility options, Austria believes that flexiblity must be limited and if it is used, it has to be fixed in detail. The second issue is the debt quantity of a bank that has to be resolved is available, our goal is to move away from tax payers and adopt classic insolvency resolution structures. 00:01:04
00:02:15 Arrival and SOUNDBITE (in English) by Bruno Saccomani, Italian Minister for Economic Affairs and Finance: The interest of all the member states of the European Union is working in a solution that will take into account different objectives, of course the primary objective is find a solution which help the euro zone overcome the crisis that has been related to the interaction between sovereign debt and the banking situation. 00:00:39
00:02:54 SOUNDBITE (in English) by Anders Borg, Swedish Minister for Finance: I don't mind that we have slices of bail in. But to be quite clear when we have taking overbank we have wipe out previous owners we have socialize them to be frank and actually earn money for the taxpayers and we are not going to settle for a solution creates a lot of risks for the banks and also for the taxpayers. 00:00:21
00:03:15 Arrival and SOUNDBITE (in French) by Pierre Moscovici, French Minister for Economic Affairs and Finance saying that: I think of national funds, the European fund. We are very close of an agreement. If we have the supervisory mechanism and the direct recapitalisation we'll have a great step toward the banking union. 00:01:18
00:04:33 SOUNDBITE (in English) by Margrethe Vestager, Minister for Economics and the Interior of Denmark: I still find that this proposal have been tabled for less than a year and we are very close to find a solution meaning that it is not the taxpayers that has to go to their pockets if the bank has a problem, it is the bank sector themselves who have to solve it if there is a problem. If we can get there it would be a big step forward. 00:00:20
00:04:53 Arrival of Jutta Urpilainen, Finnish Deputy Prime Minister and Minister for Finance 00:00:11
00:05:04 Arrival and SOUNDBITE (in Spanish) by Luis De Guindos Jurado, Spanish Minister for Economic Affairs and Competitiveness: I think Spain has a comfortable position as I said the other day, ithe other day it came out a very clear message of protection to the deposits. We will have a common model from the point of view of the actives that must be set in the supposed resolution of a bank. The big interest of Spain is to reach an agreement. Some countries defended the possibility of a bigger intervention of the resolution fund in the flexibility that the activs had. But for Spain the situation is comfortable because the objective of the directive was to pass a clear message of protection of deposits and this has been achieved. 00:00:55
00:05:59 Arrival of Slavko Linić, Croatian Minister for Foreign Affairs 00:00:08
00:06:07 Arrival of Werner Hoyer, President of the European Investment Bank 00:00:07
00:06:14 END 00:00:00
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