On Thursday morning, lead MEPs negotiating the single resolution mechanism for banks (SRM) will participate in an intergovernmental meeting dealing with the details of the single resolution fund. MEPs will highlight the dangers of the Member States' position and explain their alternative model. A statement from the MEPs follows.
Statement of the Chair, Rapporteur and shadow rapporteurs on the single resolution mechanism for banks
The negotiating team of the European Parliament is united behind the strong mandate it received from the economic and monetary affairs committee. This mandate does not provide for any need for an intergovernmental agreement to formulate the details on the functioning of the single resolution fund to be used in bank resolution.
We re-state our crucial requests that all banks must be treated equally, irrespective of which country they are established in, and that the system must be credible and efficient.
These core principles are endangered by the 'general approach' of the Council on the SRM regulation, including an intergovernmental agreement. We welcome the invitation to participate in this meeting.
We come with a constructive approach and to explain our position, but our presence does not signal support for this intergovernmental process.
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Sharon Bowles (ALDE, UK) (Chair of the economic and monetary affairs committee)
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Elisa Ferreira (S&D, PT) (rapporteur)
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Corien Wortmann-Kool (EPP, NL)
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Sylvie Goulard (ALDE, FR)
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Sven Giegold (Greens/EFA, DE)
Press release
SRM: main differences between ECON-report and Council General Approach
Declarations made by Commission at ECOFIN, 18.12.13
Practical details for the intergovernmental agreement on the single resolution fund
Draft agreement on the functioning of the single resolution fund
The single resolution fund: Transitional arrangements
Council invites the EP to the Intergovernmental Conference on the SRF
As part of the General Approach on the Single Resolution Mechanism Regulation reached at the 18 December 2013 ECOFIN, the Council decided to establish an intergovernmental agreement (IGA) specifying the channelling of the national resolution funds to the Single Resolution Fund (SRF) and on the gradual mutualisation of these funds.
ECON was officially informed on 8 January that the Parliament is invited to participate in the negotiations on the IGA as observer.
Invitation letter, 20.12.13
© European Parliament
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