Main results of the ECOFIN Council
EU News 306/2013
Council of the European Union
PR CO 38
Brussels, 26-27 June 2013
The Council set out its position on a draft framework for bank recovery and resolution with a view to negotiations with the European Parliament.
The directive would provide national authorities with powers to pre-empt bank crises and to resolve financial institutions in an orderly manner in the event of failure, whilst preserving essential bank operations and minimising taxpayers' exposure to losses.
It would establish a range of instruments to tackle potential bank crises at three stages: preparatory and preventative, early intervention, and resolution.
The aim is to adopt the directive before the end of the year.
The Council also approved draft amending budget no. 1 for 2013 providing the EU's 2013 budget with the necessary resources for the accession of Croatia to the EU on 1 July.
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