| Author (Corporate) | European Commission: DG Communication |
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| Series Title | Press Release |
| Series Details | IP/09/1549 (20.10.09) |
| Publication Date | 20/10/2009 |
| Content Type | News |
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On 20 October 2009 the European Commission adopted a Communication on an EU framework for crisis management in the banking sector. The purpose of the Communication is to consult as widely as possible on a broad range of issues aimed at safeguarding financial stability and the continuity of banking services in a cross border banking crisis. The Communication set out questions on the tools that the Commission considered would be necessary for an EU crisis management framework. These tools range from 'early intervention' action by banking supervisors aimed at correcting irregularities at banks, to bank resolution measures which involve the reorganisation of ailing banks, to insolvency frameworks under which failed banks are wound up. The Commission’s consultation will last for three months, and will be followed by a public hearing to present the results and set out the Commission’s intentions. |
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| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/1549&format=HTML&aged=0&language=EN&guiLanguage=en |
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| Subject Categories | Business and Industry |
| Countries / Regions | Europe |
