European Parliament (EP) negotiators on the proposed Regulation establishing a single resolution mechanism (the draft SRM Regulation) have received support from fellow MEPs for the line they have taken with the Council of the EU (the Council). Their original negotiating mandate was confirmed by 441 votes to 141, with 17 abstentions. Group leaders in the debate before the vote criticised the Council’s stance, which, they said, was leading to a waste of precious time.

At the request of the political groups and in order to avoid further delay to the negotiations Martin Schultz, President of the EP, has said that he would send a request to the Council for an extraordinary meeting of the European Economic and Financial Affairs Council (ECOFIN) to be convened earlier than the one scheduled for 17 February 2014.

Having only voted the amendments to the legislative proposal and not closed the first reading, the EP and Council negotiators will continue their talks with a view to reaching a deal on the draft SRM Regulation. In parallel, the EP’s negotiators are taking part in intergovernmental talks on the details of setting up the resolution fund.

View Winding up banks: EP reconfirms mandate and criticises Council for timewasting, 6 February 2014