Statement on the Decision of Commissioner Lord Hill to resign from the European Commission and on the transfer of the Financial Services portfolio to Vice-President Valdis Dombrovskis
EU News 227/2016
Brussels, 25 June 2016
Commissioner Lord Hill, responsible for Financial Stability, Financial Services and the Capital Markets Union, has informed European Commission President Juncker of his decision to resign from his post as European Commissioner.
In line with the Interinstitutional Framework Agreement on relations between the European Parliament and the European Commission, President Juncker has informed Martin Schulz, President of the European Parliament, of Lord Hill's resignation and of his intention to transfer the portfolio to Vice-President Dombrovskis in order to allow for the relevant parliamentary consultation to take place (paragraph 7 of the Interinstitutional Framework Agreement). Lord Hill's resignation will take effect on 15 July (midnight), while President Juncker's decision to transfer his portfolio will take effect on 16 July. This will allow for an orderly transition of this important portfolio.
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