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  • 2017 12 07
  • 10:43
  • Pranešimas spaudai
  • 751/17
  • Ekonomika ir finansai
  • Bendroji rinka

On 7 December 2017, the Council adopted two legislative acts on banking:

  • a directive on the ranking of unsecured debt instruments in insolvency proceedings (bank creditor hierarchy);
  • a regulation on transitional arrangements to phase in the regulatory capital impact of the IFRS 9 international accounting standard.

The draft regulation also contains a phase-out of provisions on the large exposures treatment of public sector debt denominated in non-domestic EU currencies.

"These two legislative acts were fast-tracked from amongst a series of measures aimed at reducing risk in the banking industry", said Toomas Tõniste, minister for finance of Estonia, which currently holds the Council presidency. "Good progress has been made under Estonian presidency on the risk reduction package as a whole, and we have managed to meet the end-of-year deadline for adopting these two texts."

The directive and regulation were adopted without discussion at a meeting of the Employment, Social Policy, Health and Consumer Affairs Council. This follows an agreement with the European Parliament on 25 October 2017. The Parliament approved the texts at first reading on 30 November 2017.