Council of the EU invites COREPER to confirm provisional agreement on CMDI framework

The Council of the EU has published an "I" item note from the Presidency to its Permanent Representatives Committee (COREPER) inviting it to confirm the provisional political agreement on the Crisis Management and Deposit Insurance (CMDI) legislative package. This package includes amendments to the Bank Recovery and Resolution Directive (2014/59/EU) (BRRD), the Deposit Guarantee Schemes Directive (2014/49/EU) (DGSD) and the Single Resolution Mechanism Regulation (806/2014) (SRM). The provisional political agreement on these legislative proposals was reached between the European Parliament (EP) and the Council of the EU in June. On 5 November, the EP's Committee on Economic and Monetary Affairs (ECON) endorsed the texts. Following this, the Chair of ECON sent a letter to the Chair of COREPER indicating that, if the Council of the EU transmits its agreed position (subject to legal-linguistic review), she will recommend that the EP accept the Council's position without amendments at second reading.

The texts accompanying that letter are identical to those Annexed to the note, which include:

• The proposal for a directive amending the BRRD regarding early intervention measures, conditions for resolution and financing of resolution action.
• The proposal for a directive amending the DGSD regarding the scope of deposit protection, use of deposit guarantee schemes funds, cross-border cooperation and transparency.
• The proposal for a regulation amending the SRM regarding early intervention measures, conditions for resolution and funding of resolution action.

COREPER is invited to reach a political agreement at its meeting on 12 November, to enable an early second-reading agreement.

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