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International Internet Magazine. Baltic States news & analytics Tuesday, 19.03.2024, 10:05

EU finmins agree on banking package

BC, Riga, 28.05.2018.Print version
The council of European Union finance ministers, or Ecofin, reached agreement on the banking package in Brussels on Friday which sets out measures to increase the resilience of banks to financial crises and support financial stability in the member states, reports LETA/BNS.

"With inputs from several presidencies, including that of Estonia, we reached a compromise which is acceptable to the member states," Estonia's Finance Minister Toomas Toniste said in a press release.


"For Estonia it is important that risk-based and sufficient supervisory and crisis resolution buffers would be required from banks. We also consider it important that banking groups were obliged to abide by requirements in the domiciles of both the parent and the subsidiary and the rights of the official institutions of both countries to regulate the activities of banks were preserved," Toniste said.


Next the presidency will start negotiations on the banking package with the European Parliament, which are expected to be concluded as quickly as possible.


At Thursday's meeting of the Eurogroup, eurozone finance ministers were offered an overview of the state of play regarding the Greek aid program and discussed the post-program situation of Greece. Before the program is ended, long-term risks to the sustainability of Greece and a potential debt easing mechanism have to be reviewed again.


The Eurogroup meeting in inclusive format again discussed matters related to the deepening of the European Economic and Monetary Union (EMU) and the completion of the banking union.






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