On July 10, the European Economic and Financial Affairs Committee (“ECOFIN”) considered the progress and timings in relation to the work on the banking union, CRD IV and the proposed Recovery and Resolution Directive (“RRD”). The Council of the EU published a press release concerning the matters discussed at the meeting. Press Release.

The press release covers the following areas:

• Banking Union: The President of the Council has been invited to assist with the development of a specific and time-bound work programme on the banking report.
• CRD IV: At the meeting, it was explained that negotiations concerning the CRD IV Directive are almost finished, and attention has now turned to the Capital Requirements Regulation. There are several outstanding issues such as bankers’ remuneration, crisis sanctions and the powers to be given to the European Banking Authority.
• RRD: The press release states that the Council aims to agree a general approach on the proposed RRD by December 2012.