Brussels, 04/03/2014 (Agence Europe) - Alongside the inter-institutional talks that are still ongoing, the European Parliament has decided to put on paper its dream ticket for the future bank resolution mechanism (SRM) for the April plenary to discuss.
An EP expert working on the issue said one needed to bear in mind that in April, the EP will end its first reading on the SRM either by voting through an agreement with the EU Council of Ministers or by voting on what it believes is the best compromise solution.
The document was being finalised by EP negotiators as this newsletter went to press. It aims to lay down areas to be explored in order to reach agreement with the member states, explained another EP expert. It is based on the negotiating position of the EP's economic and monetary affairs committee that has already been endorsed by the EP, but will include improvements negotiated with the Greek Presidency. The EP hopes the document will encourage the ECOFIN Council on 11 March to change its views, explained the expert, but “not like last time”. The document will be submitted to member states' representatives on the COREPER committee, who will be discussing the matter on Wednesday.
On Tuesday 4 March, the Greek Presidency and the EP representatives held new talks, avoiding controversial issues like the fact that the member states area determined to decide on the legal basis of the Single Resolution Fund using the intergovernmental route (see EUROPE 11029) and the member states want the final say in decisions on whether a bank needs to be wound down. Progress has been made on the question of the composition of the bank resolution committee (of representatives of the member states' bank resolution authorities) that will prepare bank resolution plans. (MB)