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THE EU HAS reached an agreement on a new regulatory system designed to prevent a failing bank from wrecking the economy.
Parliament had opposed an agreement reached in December by EU leaders on how to close down a bank in trouble, saying it was too unwieldy, but the European People’s Party said these differences had now been resolved.
The EPP, the biggest party in parliament, said the process would be speeded up so as to ensure that a problem bank can be closed down in the space of a weekend to avoid markets turmoil on a Monday.
“Together with the reforms to the financial sector for all 28 countries, the completed banking union will put an end to the era of massive bailouts,” according to commissioner Michel Barnier.
It will further contribute to the return to financial stability thus creating the right conditions for the financial sector to once again lend to the real economy which is essential to consolidate the economic recovery and to create jobs.
“This is very good for restoring confidence in European banks,” said the EPP’s Corien Wortmann-Kool, one of the lead negotiators in the marathon talks.
Problem banks should be treated within a weekend. This is a big plus of this agreement; a year ago we clearly saw that the extensive talks on Cypriot banks raised the costs.
The agreement will also reduce what the EPP said was “undue political interference” in the procedure.
Some elements of the agreement
In December, EU leaders agreed to set up a so-called Single Resolution Mechanism (SRM) to close failing banks in a safe and orderly fashion. This will be governed by two texts, one regulatory and another related to some specific aspects of the Single Resolution Fund (SRF).
The EU Commission says there a number of key elements to the agreement:
The new rules are expected to come into force in January of next year and first need to be approved by the EU Parliament and EU member states in the council.
© – AFP 2014 with additional reporting by Rónán Duffy
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This I like.
It’s actually a daft ruling. This isn’t about google collecting your data.
It’s a newspaper article which was printed about a house being sold because the man in Spain defrauded the government. He wanted the result removed when you search his name.
It’s pure censorship and technically could mean libraries indexing their newspapers could be forced to stop.
They should also apply this to social media like Facebook & Twitter.
A good step!
I’m guessing Denis O’B will be looking to get any info from the Moriarty tribunal removed so.
“The EU Court of Justice (ECJ) found that under certain conditions, a person can request certain information to be erased if “the data appear to be inadequate, irrelevant or no longer relevant.””
Who decides if the data is inadequate or irrelevant though?
” irrelevant or no longer relevant.””
huh?
“Ireland’s bailout and property crash”
No Longer Relevant, signed E Kenny
If the search passes through google’s US sites, then the EU has no clout.
Google will probably just remove the stuff from google.es
Even this post will take up a little space on the US data center.
Not much point in deleting anything with the NSA about.
http://www.7hawksmedia.com/onpoint/wp-content/uploads/2013/07/Dees-Spying-Obama-NSA-site.jpg
And you can take their word for it?
No, you can see for yourself by searching :)
This is only right too
I don’t really understand this, *googles opinion”
Good
When PULSE has been used as a tool to “set up” innocent people (per Maurice McCabe) can we expect our new Minister for Justice to act on foot of this judgement?
Permanent suspicion is dangerous, and isn’t really an effective use of leading systems. We need to take a lot more care of how our State keeps tabs on us.
Talk about your basic internet fail. Google, yahoo ect do not keep the internet in a box at company HQ. Besides because companies such as Amazon pay the likes of Google to give favourable positions to their links ,nobody really uses main stream search engines to find detailed info anymore.
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