Deens presidentschap streeft naar strengere verplichtingen voor banken (en)

Tomorrow 15 May 2012, EU’s finance and economy ministers will discuss capital requirements for banks in the EU striving to reach an agreement on the Presidency’s compromise proposal reached on at the extraordinary ECOFIN 2 May 2012. The ministers are also expected to adopt council conclusions regarding the EU report on the economic challenges related to the ageing populations (“Ageing Report 2012”). The ministers will also hold the annual dialogue with the EU acceding and candidate countries and discuss their economic challenges.

The proposal for revision of EU’s capital requirements directive was also on the agenda of the extraordinary ECOFIN 2 May 2012. A large majority, consisting of almost all EU-countries, supported the Presidency’s compromise proposal and it was concluded that after some technical clarifications the ECOFIN would return to the matter at the ECOFIN meeting on 15 May to confirm the compromise. Following political agreement in the Council negotiations to reach a final agreement with the European Parliament will start.

The aim of the new rules is to make the European financial sector more resilient in light of the experiences from the financial crisis. The directive is based on the Basel Committee’s recommendation, the Basel III standards from December 2010, and covers a number of elements with respect to regulation of credit institutions, including especially requirements for more and better capital in the banks and the introduction of new liquidity regulation. Finally, the proposal also includes elements of good corporate governance and a tightening of the requirements for the member states’ sanctions towards non-complying institutions.

Minister for Economic Affairs and the Interior Margrethe Vestager says:

"The revision of the EU’s capital requirements directive is the single most important piece of financial regulation. The financial crisis showed that it is imperative to set higher capital requirements for banks in order to ensure a healthy and responsible financial sector that contributes to growth and employment. The ECOFIN meeting on 2 May showed that there was a large majority supporting the Presidency’s proposal. At tomorrow’ meeting, I therefore expect that we will confirm the compromise from 2 May in order to secure an agreement with the European Parliament".

At the meeting, the ministers will also adopt conclusions regarding the EU’s ageing report. The report shows a significant increase in the EU countries’ age-related spending on pensions, health and elderly care. The ageing report is an important contribution to the work of ensuring sustainable public finances in the EU countries and to the countries’ determination of their medium-term fiscal objectives.

Minister for Economic Affairs and the Interior Margrethe Vestager says:

"We need to secure the future of our welfare states. The ageing report is an eye opener as it shows that the expenditures for pensions, health and elder care will increase significantly over the coming decades. This underlines the need to implement reforms so that we can afford the level of welfare we would like to have, also in light of the happy fact that we live longer and longer".

The ministers will also meet for the annual dialogue with acceding and candidate countries. Croatia will become a member of the EU over the course of 2013 and additionally, there are five candidate countries (the Former Yugoslav Republic of Macedonia, Iceland, Montenegro, Serbia and Turkey). The purpose of the discussion is to strengthen the candidate countries’ capacity with respect to implementation of sound economic policies and to prepare the countries for their possible future participation in the EU’s economic cooperation.