Public consultation on the contributions of credit institutions to resolution financing arrangements – 20.04.2014
On 20 June 2014 the European Commission launched a consultation on the contributions of credit institutions to resolution financing arrangements under the Bank Recovery and Resolution Directive and the Single Resolution Mechanism.
On 15 April 2014 the European Parliament adopted the Bank Recovery and Resolution Directive (BRRD), proposed by the Commission on June 2012. The BRRD sets new rules for all 28 Member States to put an end to the old paradigm of bank bail-outs, which cost taxpayers' hundreds of billions of euros in the crisis.
On 12 June 2014 the Directive was published in the Official Journal of the European Union.
Trilogue agreement on the EU framework for bank recovery and resolution – 12.12.2013
An agreement was reached on 12 December 2013 between the European Parliament, EU Member States and the Commission on the bank recovery and resolution directive. This political agreement is subject to technical finalisation and formal approval by the co-legislators.
EU finance ministers reach agreement on the Bank Recovery and Resolution Directive – 27.06.2013
At the ECOFIN Council of 27 June 2013, finance ministers of the Member States agreed on a General Approach on the draft directive establishing a framework for the recovery and resolution of failing banks. This opens the way for trilogue negotiations between the Council, the Commission and the Parliament with the aim of finalising the directive at first reading before the end of the year.
Consultation on a possible framework for the recovery and resolution of financial institutions other than banks – 05/10/2012
On 5 October 2012, the Commission launched a consultation on a possible framework for the recovery and resolution of financial institutions other than banks. The initiative followed the adoption, on 6 June 2012, of a Commission proposal for an EU framework in this area for banks and investment firms. Consistent with international-level work in this area, it examined whether and how the failure of different kinds of nonbank financial institutions, notably central counterparties, central securities depositories, and systemic insurance companies, should be managed by specific steps to ensure orderly recovery and resolution where necessary. The consultation was closed on 28 December 2012.
On 6 June 2012, the Commission adopted a legislative proposal for bank recovery and resolution. The proposed framework sets out the necessary steps and powers to ensure that bank failures across the EU are managed in a way which avoids financial instability and minimises costs for taxpayers.
- Press release (06.06.2012)
- Press conference (video streaming)
- Citizens summary
- Text of the proposal
- Impact Assessment: