[...]Let me now turn to our November 2016 Banking package. The deal on the package is long overdue. While we are approaching the final agreement, it was decided that it is better to take some more time and make sure we get it right.
But it cannot take forever. All Member States agreed, already in June 2016, on a Roadmap to completing the Banking Union. According to this Roadmap, this banking package is a key deliverable for risk reduction in our banking sector.
So I feel that the Bulgarian Presidency has done very good work, and it is a good basis for a final deal in the coming weeks.
We are now working on how to adjust to Basel delays on the Fundamental Review of the Trading Book (FRTB). It is important to note that the EU is fully committed to implementing this.
There was a broad support to maintaining home/host balance as proposed by the Estonian Presidency.
On the total loss absorbing capacity (TLAC) and a minimum requirement for own funds and eligible liabilities (MREL), there is a need for a balanced approach. We should be ambitious on risk reduction, without overburdening banks.
To reach a necessary European compromise, all parties have to somewhat move and be ready for this compromise. This is what I invite EU countries to do.
On the Commission side, we will present tomorrow a complete package of measures to help Member States and banks to work out non-performing loans and prevent their future accumulation. This will contribute to making their banking sectors safer, stronger and more able to lend to the real economy. With this new package, we will be over-delivering on our risk reduction pledges.
Finally, the Ministers discussed the country reports - Commission's analysis of the economic and social challenges in the Member States. The country reports also comprise the results of our in-depth review for macroeconomic imbalances in 12 countries, and the state of implementation of country specific recommendations. [...]
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