The Council today set out its position on a draft directive establishing a framework for the recovery and resolution of credit institutions and investment firms (11148/1/13 REV 1).
It called on the presidency to start negotiations with the European Parliament with the aim of adopting the directive at first reading before the end of the year.
The proposed directive is aimed at providing national authorities with common powers and instruments to pre-empt bank crises and to resolve any financial institution in an orderly manner in the event of failure, whilst preserving essential bank operations and minimising taxpayers' exposure to losses.
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