EP and the Council of the EU have reached informal agreement on the text of the "Omnibus II" Directive, adoption of which has held up implementation of Solvency 2. Omnibus II amends Solvency 2 in respect of capital buffers insurers must hold in respect of long-term investments. Michel Barnier welcomed the agreement, saying the life insurance industry would now be able to continue offering long-term guaranteed products and that insurers would be able to match long-term liabilities with long-term investments. The plan is now for Solvency 2 as amended by Omnibus II to come into force on 1 January 2016. (Source: EP Pleased with Omnibus II Vote)