The European Parliament, in today’s plenary session, adopted 3 key texts that complete the legislative work underpinning the Banking Union (Single Resolution Mechanism, Bank Recovery and Resolution Directive, and Deposit Guarantee Schemes Directive).

Addressing the EP plenary, representing the Council of the EU, Deputy Prime Minister and Foreign Minister Evangelos Venizelos said that “the Banking Union has been created in under two years. It has been a Herculean task, but one that will enable Europe to emerge stronger from the crisis. It is a major step towards the completion of a true Economic and Monetary Union based on greater integration and solidarity in the euro area. And the Single Rule Book, the foundation on which the Banking Union has been built, will deliver greater stability to the whole of the EU and its internal market”.

Following today’s vote at the European Parliament, ECOFIN President Yannis Stournaras said:

"I wholeheartedly welcome today's adoption by the European Parliament and with a very large majority, of three key texts which make up the EU's Banking Union, namely, the Bank Restructuring and Resolution Directive, the Single Resolution Mechanism Directive and the recast Directive on Deposit Guarantee schemes. With these legislative acts, the European Union has come a long way in ensuring that taxpayers are safeguarded from failing banks, and, at the same time, that their hard- earned savings held in Banks up to EUR 100,000 will be fully protected.

These are significant milestones for the European Union, its banking sector and for its common currency. As President of the ECOFIN Council, I would like to thank and congratulate the co-legislators for their arduous work on these files and for their constructive and forward looking approach, which made difficult compromises possible.”

Read below DPM & FM Venizelos' statements.