15/11/2017 (Agence Europe) – On Wednesday 15 November, the ambassadors of the member states to the EU (Coreper) approved the inter-institutional agreement reached at the end of October (see EUROPE 11892) on two legislative proposals of the 'Banking risk reduction' package: - the proposed directive on the hierarchy of creditors to be mobilised in the event of bank resolution, bringing in a new category of senior debt assets; - the proposed regulation on the application of the revised international financial standard IFRS9, providing for a five-year transitional period to run from January 2018. “These two proposals will contribute to the legal security of market players, whilst bringing our legislation into line with the new international prudential standards”, said Toomas Tõniste, the Estonian finance minister, in a press release. The agreement has still to be approved by the plenary session of the European Parliament. (MF)