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Crisis management in the financial sector
Communication (COM(2010) 579 final) — an EU Framework for Crisis Management in the Financial Sector
WHAT IS THE AIM OF THE COMMUNICATION?
It sets out the steps to be taken to equip the European Union (EU) with a set of rules for crisis management in the financial sector.
The set of rules for crisis management in the financial sector concerns:
The aim of these rules is to ensure that the financial system is stable, even in the event of a business failure, and to:
Areas of action
The communication identified measures that should be taken in the following areas:
3 European supervisory authorities were established in 2011:
The 28 national supervisors are represented in all 3 supervising authorities.
A European Systemic Risk Board was established to monitor and assess potential threats to financial stability that arise from macro-economic developments and from developments within the financial system as a whole.
Bank Recovery and Resolution Directive
This directive (Directive 2014/59/EU) entered into force in all EU countries in July 2014. It sets out a number of rules to harmonise and improve the tools for dealing with bank crises across the EU, including:
Deposit Guarantee Schemes (DGSs) Directive
This directive (Directive 2014/49/EU) entered into force in 2014. It strengthens the existing system of national DGS to respond to the weaknesses revealed by the financial crisis. Its key elements include:
Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee, the Committee of the Regions and the European Central Bank — An EU Framework for Crisis Management in the Financial Sector (COM(2010) 579 final, 20.10.2010)
Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, pp. 149–178)
Successive amendments to Directive 2014/49/EU have been incorporated in the original text. This consolidated version is of documentary value only.
Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, pp. 190–348)
last update 07.12.2016