EP clashes with Council over SRM Regulation: EP has written to the Presidency of the Council to reiterate its opposition to the form and substance of the agreement over the Single Resolution Fund (SRF) currently being negotiated between Member States as part of the Single Resolution Mechanism (SRM). EP claims that, once the Commission has presented a proposal on a subject matter, the ordinary legislative procedure cannot be circumvented via an intergovernmental agreement. EP also thinks that the SRM will not function in the absence of a truly single fund and a speedy decision- making process. A press release by EP also warns that, given its differences with the Council, it is unlikely that a deal will be reached before the European elections. (Source: ECON Letter to Member States and Press Release)

Council and EP postpone SEPA deadline: The Council and EP have reached a political agreement on postponing until 1 August 2014 the end-date for the migration of domestic as well as intra-European credit transfers and direct debits in euros towards the Single European Payments Area (SEPA). ECB statistics show that, at the end of December 2013, migration stood at 74% for credit transfers and 41% for direct debits. (Source: Council and EP Reach Deal and SEPA Migration Gathers Pace in December)