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Frankfurt am Main, March 14, 2014

Moody’s Investors Service has today changed the outlook to stable from negative on the European Union’s (EU) Aaa rating. Concurrently, Moody’s has affirmed its Aaa/(P)Prime-1 ratings.

The key drivers of today’s outlook change are as follows:

  1. The improvement in the creditworthiness of the EU’s largest shareholders, which it depends on for additional support in high stress scenarios.
  2. Diminishing risks emanating from the euro area debt crisis, which alleviates pressure on asset quality.

The key drivers for today’s affirmation of the EU’s Aaa/(P)P-1 ratings are:

  1. The joint and several liability of member states with regard to their obligations to the EU.
  2. The EU’s multi-layer debt-service protection.
  3. The EU’s conservative budget management.

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Brussels, 18 December 2013

COUNCIL OF THE EUROPEA UNION

The Council today set out its position on the establishment of a single resolution board and a single fund for the resolution of banks.

It called on the presidency to start negotiations with the European Parliament with the aim of agreeing the regulation on the single resolution mechanism (SRM) at first reading before the end of the Parliament’s current legislature (May 2014).

The compromise reached within the Council consists of a draft regulation on the single resolution mechanism, and a decision by euro area member states committing them to negotiate, by 1 March 2014, an intergovernmental agreement on the functioning of the single resolution fund. This agreement, in line with terms of reference also approved today, would include arrangements for the transfer of national contributions to the fund and their progressive mutualisation over a ten-year transitional phase. It would endorse the bail-in rules established in the bank recovery and resolution directive as applicable to the use of the single fund.

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25 March 2013

Eurogroup Statement on Cyprus The Eurogroup has reached an agreement with the Cypriot authorities on the key elements necessary for a future macroeconomic adjustment programme. This agreement is supported by all euro area Member States as well as the three institutions. The Eurogroup fully supports the Cypriot people in these difficult circumstances.

The programme will address the exceptional challenges that Cyprus is facing and restore the viability of the financial sector, with the view of restoring sustainable growth and sound public finances over the coming years.

The Eurogroup welcomes the plans for restructuring the financial sector as specified in the annex. These measures will form the basis for restoring the viability of the financial sector. In particular, they safeguard all deposits below EUR 100.000 in accordance with EU principles.

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