The European Parliament today (Tuesday) voted in favour of the agreement reached with the Irish Presidency on capital requirements for banks (CRDIV).
The Minister for Finance, Michael Noonan TD said:
“The European Parliament has given strong backing for our agreement on new banking rules to strengthen the banks across Europe . These new rules will ensure that banks have enough capital to withstand any future financial shocks."
Minister Noonan - "This new legislation is a fundamental building block for EU banking union, an EU and Irish Presidency priority.”
The Irish Presidency reached a breakthrough in talks with the European Parliament on the overhaul of banking rules on 27 February.
The package of legislation sets new rules for the amount of capital that banks need to hold, as well as the quality of the capital. The package also includes limits on the size of bankers’ bonuses.
Following today’s European Parliament vote, the Council will now need to formally approve the legislative text. The Regulation and the Directive will then be published in the Official Journal by 30 June and enter into force.