The Council of the EU has published an information note from the General Secretariat of the Council to the Permanent Representatives Committee concerning the outcome of the European Parliament’s first reading of the proposed Bank Recovery and Resolution Directive (BRRD or RRD) on 15 April 2014. In the note, the secretariat explains that:
- the Parliament’s Committee on Economic and Monetary Affairs (ECON) adopted one amendment to the proposed BRRD;
- in accordance with article 294 of the Treaty of the Functioning of the EU and the joint declaration on practical arrangements for the co-decision procedure, a number of informal contacts took place between the Council, the Parliament and the European Commission with a view to reaching an agreement on the BRRD at first reading, avoiding the need for second reading and conciliation;
- ECON presented a further compromise amendment. The compromise amendment had been agreed during the informal contacts. It was intended to supersede rather than complement the amendment already submitted to the plenary;
- when it voted on 15 April 2014, the Parliament adopted the compromise amendment. No other amendments were adopted; and
- the Parliament’s position reflects what had been previously agreed with the Council and the Commission. As a result, the Council should be in a position to approve the Parliament’s position.
View Information note: Proposal for a Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directives 77/91/EEC and 82/891/EC, Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC and 2011/35/EC and Regulation (EU) No 1093/2010 – outcome of the European Parliament’s first reading, 23 April 2014