Press Release: Parliament lifts bank bailout burden from taxpayers’ shoulders

The European Parliament voted on three key legislative proposals on the 15 April 2014, part of the package of measures towards completing the banking union.

Members of the European Parliament voted to approve two laws dealing with restructuring and winding up troubled banks and an update to the scheme which guarantees deposits under €100,000.

The European Commission welcomed the move. Internal Market and Services Commissioner Michel Barnier said: 'the European Parliament has adopted 3 key texts to complete the legislative work underpinning the banking union. Thanks to the assiduous work of the co-legislators, we have turned the idea of a Banking Union into reality in less than two years. The EU has lived up to its commitments: the banking union completes the economic and monetary union and ensures taxpayers will no longer foot the bill when banks face difficulties'.

• Primary Source

BBC News, 15.04.14: EU banking union gets final approval from MEPs http://www.bbc.co.uk/news/world-europe-27036542

ESO: Key Source: European Banking Union http://www.europeansources.info/record/european-banking-union-2/

ESO: Background information: A comprehensive EU response to the financial crisis: substantial progress towards a strong financial framework for Europe and a banking union for the eurozone http://www.europeansources.info/record/memo-a-comprehensive-eu-response-to-the-financial-crisis-substantial-progress-towards-a-strong-financial-framework-for-europe-and-a-banking-union-for-the-eurozone-3/

European Commission: RAPID: STATEMENT/14/119: Finalising the Banking Union: European Parliament backs Commission’s proposals (Single Resolution Mechanism, Bank Recovery and Resolution Directive, and Deposit Guarantee Schemes Directive) http://europa.eu/rapid/press-release_STATEMENT-14-119_en.htm

European Commission: RAPID: MEMO/14/297: EU Bank Recovery and Resolution Directive (BRRD): Frequently Asked Questions http://europa.eu/rapid/press-release_MEMO-14-297_en.htm

European Commission: RAPID: MEMO/14/296: Deposit Guarantee Schemes – Frequently Asked Questions http://europa.eu/rapid/press-release_MEMO-14-296_en.htm

European Commission: RAPID: MEMO/14/295: A Single Resolution Mechanism for the Banking Union – frequently asked questions http://europa.eu/rapid/press-release_MEMO-14-295_en.htm

ESO: Background information: Single Resolution Mechanism: Council confirms deal with EP http://www.europeansources.info/record/press-release-single-resolution-mechanism-council-confirms-deal-with-ep/

EUObserver, 16.04.14: EU parliament gives final nod to banking union http://euobserver.com/economic/123866

Euronews, 15.04.14: MEPs back law aimed at reducing risk of failing banks to taxpayer http://www.euronews.com/2014/04/15/meps-back-law-aimed-at-reducing-risk-of-failing-banks-to-taxpayer/

Deutsche Welle, 15.04.14: European Parliament approves banking union reforms http://dw.de/p/1BiJc

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