27/01/2017 (Agence Europe) – At the Ecofin Council meeting of Friday 27 January, the Commissioner for Financial Services, Valdis Dombrovskis, said that it was possible for the European co-legislator to be in a position to finalise the reform of the 'bank recovery and resolution' directive (BRRD) by the summer. It is important to reach an agreement at the Council as soon as possible, for instance in March or April, he said, adding that the European Parliament sees an inter-institutional political agreement under the Maltese Presidency of the Council as entirely feasible. The revision of the 'BRRD' directive, which was introduced at the same time as the reform of bank capital requirements (see EUROPE 11674), creates a new category of creditors and clarifies the position of these subordinate debts in the hierarchy of creditors that may be called upon to contribute in the event of the bail-in of a bank. (MB)