The Council of the EU has published its final compromise text of the proposed Recovery and Resolution Directive (RRD). On 20 December 2013, the Council’s Permanent Representatives Committee (COREPER) approved (on the Council’s behalf) the compromise text agreed with the European Parliament.
The Council has also published a note enclosing declarations to the minutes of the COREPER meeting. Among the declarations is one made by the UK. The UK strongly supports the RRD as it should strengthen financial stability and protect taxpayers across the EU. However, the UK has also reserved its position on certain issues.
View Bank Recovery and Resolution [first reading] Proposal for a Directive establishing a framework for the recovery and resolution of credit institutions and investment firms – final compromise text, 18 December 2013
