Irish Presidency secures landmark deal on single bank supervisor
EU News 138/2013
19 March 2013
Single Supervisor is first big step towards banking union
The Irish Presidency has today reached provisional agreement with the European Parliament on the single EU bank supervisor.
The creation of this supervisor is a major step towards banking union, restoring confidence in the European banking system and building stability across Europe. The setting up of the supervisor will also pave the way for the European Stability Mechanism (ESM) to take on the direct recapitalisation of banks.
The provisional agreement reached today includes strengthened democratic accountability and a greater role for the European Parliament in the appointment of the Chair and Vice Chair of the Supervisory Board. The agreement also confirms the unanimous position of the Council, agreed in December, on the core balance of rights between participating and non-participating member states.
Source and additional information: