ECB and SRB welcome European Commission’s legislative proposals for bank crisis management and deposit insurance framework

In a joint statement, the ECB and SRB have expressed their support for the EC’s proposed legislative changes to the European bank crisis management and deposit insurance framework.
According to the ECB Vice-President and Chair of the Supervisory Board, Luis de Guindos and Andrea Enria respectively, the proposals will allow authorities to manage bank crises more efficiently and harmoniously, thus completing the banking union. The Chair of the SRB, Dominique Laboureix, has praised the proposals for enhancing the toolkit for managing bank failures and protecting critical functions and citizens.
The ECB contribution and SRB contribution to the consultation process that led to the proposals and stand ready to offer technical input to improve consistency and workability. The ECB has acknowledged the recommendation put forth by the EC, which proposes that the European Parliament and the Council of the European Union seek the ECB’s counsel regarding the proposed changes in legislation. In response to the consultation requests, the ECB intends to provide its opinion at an appropriate time.