The Economic and Monetary Affairs Committee (ECON) in the EP has voted through its negotiation position on the RRD. Key elements of the position are:

  • a struggling bank’s own assets and liabilities must be used first, so shareholders, then bondholders and finally depositors would pay for the failure;
  • insured deposits of below €100,000 must never be used, and higher deposits used only as a last resort;
  • funds should not be diverted from deposit guarantee schemes; and
  • the bail-in scheme should be operating by January 2016.

The next stage is for the Council to adopt its position. (Source: ECON Votes on RRD)