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EU leaders reach deal to complete banking union
- Details
- Created on Friday, 21 March 2014 21:33
The European Union's plan for an integrated banking union passed a decisive milestone today after member states and the European Parliament reached agreement on the Single Resolution Mechanism, a centralised resolution body and accompanying €55 billion fund that will be responsible for winding-up troubled banks.
While agreement on the complex piece of financial legislation was reached between member states in December after months of talks, the Greek presidency of the council had been tasked with reaching agreement between member states and the European Parliament under the EU's co-decision system.
Following months of talks, the Parliament finally signed off on the deal this morning following 16 hours of talks in Brussels.
The negotiations began at 3 pm yesterday afternoon, with bleary-eyed negotiators, including euro group president Jeroen Dijsselbloem emerging with a deal at 7am. At least one phone call was made to German finance minister Wolfgang Sch äuble at 5.30am on the deal which is largely seen as favouring smaller countries such as Ireland, by accelerating the pace at which the €55 billion fund will be fully mutualised.
The European Parliament secured a number of changes from the original position agreed by member states, which itself had conceded to a number of German demands in the early set of discussions regarding mutualisation.
Under the package agreed, the period during which the €55 billion fund will move from being a pool of different national funds towards a fully shared fund has been reduced from 10 years to eight. The new proposal also sets out a quicker pace of mutualisation, with 70 per cent of the fund fully pooled within the first three years, compared to 30 per cent in the first draft, which had conceived of a gradual mutualisation of 10 per cent per year over a decade. Under the revised package 40 per cent of the fund will be mutualised in the first year, 20 per cent in the second year, and the rest equally over a further six years.
