Press Release: Economic and Financial Affairs Council meeting, Brussels, 5 March 2013

The Council broadly endorsed the outcome of the latest political trilogue with the European Parliament on two proposals, the so-called "CRD 4" package, amending EU rules on capital requirements for banks and investment firms.
It mandated the Permanent Representatives Committee to finalise negotiations with the Parliament on outstanding technical issues, with the aim of reaching a final deal in the second half of March.
The proposals set out to amend and replace existing bank capital rules and prudential requirements. They are aimed at transposing into EU law an international agreement approved by the G-20 in +ovember 2010 – the so-called Basel 3 agreement - concluded by the Basel Committee on Banking Supervision. The compromise with the European Parliament also introduces provisions on banker bonuses.
Ministers discussed the economic adjustment programmes in Ireland and Portugal and whether to consider an adjustment of loan maturities in order to smooth the debt redemption profiles of the two countries. They agreed to ask the troika of international creditors to make a proposal for the best
possible option in each case.
The Council adopted conclusions on the quality of public spending. It also welcomed a compromise reached with the European Parliament on two legislative proposals aimed at further strengthening economic governance in the EU