Lithuanian Presidency reaches Council agreement on remaining Banking Union directives

23 December 2013, Last updated at, 13:55 EET
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author: AFP/Scanpix

EU Permanent Representative Committee (COREPER II) on December 20 in Brussels has confirmed the agreements reached by the Lithuanian Presidency and the European Parliament on the Bank Recovery and Resolution Directive and the Deposit Guarantee Schemes Directive.

“Today we have affirmed the results of Lithuanian Presidency on the components of the Banking Union. These results increase the credibility of the EU financial system and contribute to the growth of the European economy. Credible and growing Europe have been two priorities of the Lithuanian Presidency and as we move towards its conclusion, we are pleased that we have achieved all planned results in the area of the Banking Union,” said ambassador Raimundas Karoblis, chair of the Permanent Representatives Committee.

Bank Recovery and Resolution Directive establishes a framework for the recovery and resolution of banks and investment companies while safeguarding the taxpayers’ money.

The aim of the Directive of Deposit Guarantee Schemes is to ensure sufficient financial means in the Schemes funds and fast pay-outs to depositors.

Permanent Representatives Committee also confirmed the agreement with the EP on the EU guarantee to the European Investment Bank to finance operations supporting investment projects outside the Union. It aims to ensure the continuation of the EU guarantee for the EIB external financing in the EU multiannual budget of 2014–2020 with clearly defined objectives, such as: local private sector development, in particular support to SMEs; development of social, environmental and economic infrastructure; enhanced focus on climate change mitigation and adaptation. Lending operations under the mandate will be mostly focused on the Pre-Accession and Neighbourhood and Partnership countries.

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