Finance ministers strike deal to stem bank bailouts

The Irish EU Presidency brokered agreement with EU Finance Ministers at the ECOFIN Council overnight on the 26-27 June 2013 on the rules for Banking Recovery and Resolution. The Irish EU Presidency had aimed to achieve agreement on new pan-EU rules for dealing with failing banks which would be an important part of delivering on Banking Union before the end of their Presidency at the end of June 2013.

• Primary Source

ESO: Background Information: EU split on future bank bailouts http://www.europeansources.info/record/eu-split-on-future-bank-bailouts/

Council of the European Union: Press Release: PRES/13/270: Council agrees position on bank resolution http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/137627.pdf

Ireland: EU Presidency: Press Release, 27.06.13: Breakthrough brokered by Irish Presidency on Bank Recovery and Resolution http://eu2013.ie/news/news-items/20130627postecofinpressrelease/

European Commission: RAPID: MEMO/13/601: Statement of Commissioner Barnier following agreement in ECOFIN on bank recovery and resolution http://europa.eu/rapid/press-release_MEMO-13-601_en.pdf

ESO: Background information: Proposal for a Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms... http://www.europeansources.info/record/proposal-for-a-directive-of-the-european-parliament-and-of-the-council-establishing-a-framework-for-the-recovery-and-resolution-of-credit-institutions-and-investment-firms-and-amending-council-directi/

BBC News, 27.06.13: EU finance ministers reach draft deal on bank bailouts http://www.bbc.co.uk/news/business-23076541

Spiegel Online International: Commentary, 27.06.13: EU Banking Deal: Why It Will Be Ignored in Times of Trouble http://www.spiegel.de/international/business/commentary-on-new-eu-bank-liquidations-deal-a-908251.html

Spiegel Online International, 27.06.13: Bail-Ins: EU Deal Protects Taxpayers in Bank Bailouts http://www.spiegel.de/international/business/eu-deal-would-require-bail-ins-in-future-bank-rescue-plans-a-908175.html

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