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)