Press Release: Economic and Financial Affairs Council, Brussels, 26-27 June 2013

Main results of the Council:

The Council set out its position on a draft framework for bank recovery and resolution with a view to negotiations with the European Parliament.

The directive would provide national authorities with powers to pre-empt bank crises and to resolve financial institutions in an orderly manner in the event of failure, whilst preserving essential bank operations and minimising taxpayers' exposure to losses.

It would establish a range of instruments to tackle potential bank crises at three stages: preparatory and preventative, early intervention, and resolution.

The aim is to adopt the directive before the end of the year.

The Council also approved draft amending budget no. 1 for 2013 providing the EU's 2013 budget with the necessary resources for the accession of Croatia to the EU on 1 July.

ESO: Background information: Council agrees EU funds for Croatia http://www.europeansources.info/record/press-release-council-agrees-eu-funds-for-croatia/

ESO: Background information: Council agrees position on bank resolution http://www.europeansources.info/record/press-release-council-agrees-position-on-bank-resolution/

ESO: Background information: Council sets out its position on transparency rules for investment products http://www.europeansources.info/record/press-release-council-sets-out-its-position-on-transparency-rules-for-investment-products/

ESO: Background information: Council confirms agreement with EP on market abuse regulation http://www.europeansources.info/record/press-release-council-confirms-agreement-with-ep-on-market-abuse-regulation/

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