Brussels, 27/03/2013 (Agence Europe) - Following the completion of technical tweaking, on Wednesday 27 March 2013, member states' representatives to the European Union gave the go-ahead to the agreement in principle struck by the Irish Presidency of the Council of the EU and European Parliament representatives last Thursday on the CRD IV legislation tightening prudential rules for banks (see EUROPE 10812).
The EU Council of Ministers reached a qualified majority vote on the two items of legislation that will now be put to the vote at the European Parliament in the April plenary. A Council press release states that the United Kingdom did not support the compromise texts. This is a technical stage and does not actually require a vote as such, explain Council sources, but a formal vote will take place once the European Parliament has endorsed the deal. The UK has fought a long battle to ease the EP's restrictions on bank bonuses within the EU, but has found itself isolated.
The new EU rules will come into force on 1 January 2014 if the legislation is published in the EU Official Journal by 30 June 2013. (MB/transl.fl)