18/12/2018 (Agence Europe) – The Austrian Presidency of the Council of the European Union will not submit the legislative package on ‘risk reduction’ in the banking system to the Member States' ambassadors to the EU (Coreper) on Wednesday 19 December, which was the subject of an interinstitutional agreement in early December (see EUROPE 12152). Future new supervisory rules incorporate the international TLAC standard into EU law and modify the rules on the hierarchy of creditors mobilised in the event of bank failure. The interinstitutional agreement on the Risk Reduction package has promoted a decision by Euro zone countries regarding the reform of the European stability mechanism, the permanent rescue fund for the Euro zone and the creation of a 'backstop' for the Single Resolution Fund. (MB)