EU finance ministers agreed in principle in Luxembourg on Friday 16 June on two items of draft legislation in the banking domain.
Firstly, a draft directive introduced a new category of bank holdings to be tapped into for the bail-in of a failing bank (see EUROPE 11803). Secondly, a draft regulation gradually introduces (over the space of five years) bank capital requirements relating to the application of international financial standard IFRS 9.
“These proposals set out to help make our...