Presidency aims to achieve agreement on new pan-EU rules for dealing with failing banks which are an important part of delivering on Banking Union. So far the Irish Presidency has achieved a significant record in terms of successfully delivering on financial services, economic governance, taxation and EU Budget dossiers.
Ireland's Minister for Finance, Michael Noonan TD will chair the last meeting of EU Finance Ministers (ECOFIN) in Luxembourg tomorrow. The meeting will focus on achieving political agreement on the Banking Recovery and Resolution (BRR) Directive. It will also seek agreement on country-specific recommendations to the European Council on the European Semester process as well as formally agreeing to extending the time for number of countries to correct their excessive deficit.
The discussions on bank recovery and resolution will focus on agreeing new rules for dealing with failing banks. These rules are important for strengthening our banking system and moving towards banking union. It will formally approve the agreements among member states on the Markets in Financial Instruments Directive and Regulation (MiFID II and MiFIR) and the VAT anti-fraud measures.
Speaking ahead of the meeting Minister Noonan stated:
“Ireland as Presidency is pressing strongly the need to agree a common EU wide framework for the recovery and resolution of failing institutions."
Minister Noonan (on BRR) -"Ireland as Presidency is pressing strongly the need to agree a common EU wide framework for the recovery and resolution of failing institutions."
"Throughout our Presidency we have made substantial progress on this proposal and an agreement on the issue remains a priority of our Presidency.”
The Council is expected to formally agree the Markets in Financial Instruments Directive and Regulation (MiFID II and MiFIR).
Speaking on the agreement on MIFID Minister Noonan stated “This is a significant agreement in terms of the regulation of financial services and also represents an important G20 commitment. I hope that the file can now be brought to conclusion at trilogues with the European Parliament.”
Ministerial agreement is likely to be reached between Ministers on the Quick Reaction Mechanism and the Reverse Charge Mechanism both of which are important VAT anti-fraud measures.
Speaking on the measures Minister Noonan stated: “My joint letter with Commissioner Šemeta in April outlined the commitment of the Council and the Commission on the issue of tax fraud. I think we as Presidency of the Council have demonstrated our interest in achieving agreement on taxation anti-evasion and anti-fraud measures.”
Speaking ahead of his last meeting as President of the ECOFIN Council Minister Noonan stated:
“Significant progress has been made during the Irish presidency to date. This final meeting contains a number of important agenda items on which we hope to achieve political agreement.”
An additional meeting of the ECOFIN Council will convene on Wednesday evening to further discuss the issue of the Banking Resolution and Recovery Directive (BRRD) with the aim of reaching political agreement.