On 3 December 2018, the Council of the EU published a note (the Note) from its Permanent Representatives Committee (COREPER) regarding the ‘Banking Package’ comprising of legislative amendments to the Capital Requirements Regulation, Capital Requirements Directive IV, the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation.

The Note states that the Austrian Presidency has agreed “ad referendum” with the European Parliament to settle a number of outstanding issues on the Banking Package including the calibration of the minimum requirement for own funds and eligible liabilities and subordination benchmark. However, the Note also mentions that there are still a number of outstanding issues, in particular, remuneration, off-balance sheet guarantees to collective investment undertakings, treatment of shadow-banking or market-based finance.