27/11/2018 (Agence Europe) – Member States' ambassadors to the EU (Coreper) will be invited on Friday 30 November to politically validate the results of the latest negotiating sessions between the European Parliament and the Austrian Presidency of the Council on the key elements of the risk reduction package in the banking sector (see EUROPE 12144). According to an Austrian document dated Tuesday 27 November, the European Parliament and Council negotiators reached an ‘ad referendum' agreement on these key elements the previous week. For example, the Council's proposal would take precedence over the issue of subordinated instruments that could be mobilised in the event of an internal bail-in of a defaulting banking group. Political agreement on the key elements of the legislative package would be a major step forward in reducing financial risks, a ‘precondition’ for progress in risk sharing, the Austrian Presidency stresses. (MB)