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In Brussels today (Friday), the ECOFIN Council, which was attended by the Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, reached agreement on a package of measures aimed at further strengthening the resilience of banks, enhancing financial stability in the EU and protecting taxpayers in the event of a future European banking crisis.
The measures will implement reforms agreed at international level following the 2007-08 financial crisis. Today’s agreement builds on the post crisis regulatory reforms which amongst other things implemented consistent capital requirements for banks, introduced a single rule book and established the Single Supervisory Mechanism and the Single Resolution Mechanism.
Speaking from Brussels today, Minister Donohoe said:
“This package of measures is another step in the delivery of Banking Union in the EU. The measures will further reduce risk in the banking sector and ensure that our banks are stronger and better supervised, that they are adequately capitalised and that appropriate safeguards are in place to protect the taxpayer into the future. I thank the Bulgarian Presidency, and their predecessors, for their hard work on this file and I look forward to constructively supporting them in their negotiations with the European Parliament.”
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