The European Commission has published a memo in preparation for the meeting of the Council of the EU in its configuration as the Economic and Finance Ministers Council on 20 June 2014.

The memo provides details of the Commission’s forthcoming secondary legislation relating to banks’ contributions to the resolution funds required by the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRM Regulation). The Commission has the power under the BRRD to adopt a delegated act on banks’ contributions to the national resolution funds under the BRRD and to adopt a proposal for a Council implementing act on banks’ contributions to the single resolution fund under the SRM Regulation.

In the memo, the Commission states that it is currently working on these texts and is in discussion with experts appointed by Member States and the European Parliament. It intends to adopt both acts by September 2014.

View Preparation of Economic and Finance Ministers Council, 18 June 2014