Economic and Financial Affairs Council: extracts from the press conference by Rimantas ŠADŽIUS, Lithuanian Minister for Finance, and Michel BARNIER, Member of the EC in charge of Internal Market and Services

Type: News   Reference: i-084502   Duration: 00:04:03  Lieu: Brussels, Belgium - Council / Justus Lipsius
End production: 11/12/2013   First transmission: 11/12/2013
On 11 December, European Union Finance Ministers took further steps in the development of the Banking Union by agreeing on a mandate for final negotiation stage on Bank Recovery and Resolution as well as Deposit Guarantee Schemes directives with European Parliament. The Ministers also defined the guidelines on various elements of SRM which should facilitate an agreement on the proposal in the ECOFIN Council on December 18.

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 00:00:05
00:00:05 Arrival of the speakers 00:00:28
00:00:33 SOUNDBITE (in ENGLISH) by Rimantas Šadžius, Lithuanian Finance Minister: We discussed saving taxation proposal. This item is already on the table since 2008 and there are two countries, two member states that didn't leave the reservations on this file also today. 00:00:28
00:01:01 SOUNDBITE (in ENGLISH) by Rimantas Šadžius: The issue where we are not successful today is the proposal for Council Regulation establishing a facility for providing financial assistance for member states whose currency is not the Euro. This is also quite an important file to my mind but we were not successful. It is for that reason that we needed unanimity and we didn't have it. 00:00:40
00:01:41 General view of the speakers 00:00:05
00:01:46 SOUNDBITE (in FRENCH) by Michel Barnier, Member of the EC in charge of Internal Market and Services: Much of the path on the side of Ministers has been already covered but we are not yet out of the way. 00:00:13
00:01:59 General view of the speakers 00:00:06
00:02:05 SOUNDBITE (in FRENCH) by Michel Barnier: We have made progress on the issue of the legal basis (support of article 114 confirmed), combined with an intergovernmental treaty in which we can manage the gradual mutualizing and obtain an agreement of civil governments. 00:00:40
00:02:45 SOUNDBITE (in FRENCH) by Michel Barnier: I can confirm that the Commission in the next few weeks early in January will be tabling a proposal for structural reform of banks. No one should be surprise by the timing; personally I choose to move ahead with this reform taking into account the other reforms dealing with banks. I am thinking on today's text, the resolution directive, the deposit guarantee scheme text, the resolution mechanism for the Euro area and banking supervision, the authorities we set up, the European banking authority for example and this major text "Capital requirements for" which should enter into force in a few days along with the rules covering 8300 European banks. 00:01:10
00:03:55 Departure 00:00:08
00:04:03 END 00:00:00
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