EU Banking Policy

The EU Banking Policy unit is responsible for the development of policy and legislation regarding EU-wide Banking Regulation. This includes representing Ireland’s interests at EU negotiations on the various legislative proposals regarding EU banking and the transposition of EU directives in this area into Irish Law.

The main pieces of EU Banking legislation derive from a number of initiatives introduced in response to the 2008 Financial Crisis which aim to create a European Banking Union. These initiatives form a single rulebook for all financial actors in the EU and include: 

  1. stronger prudential requirements for banks – Capital Requirements Directive (CRD IV) and associated Capital Requirements Regulation (CRR) and the Single Supervisory Mechanism Regulation (SSMR)
  2. rules for managing failing banks – Banking Recovery and Resolution Directive (BRRD) and Single Resolution Mechanism (SRMR)
  3. improved protection for depositors – European Deposit Insurance Scheme (EDIS)

In November 2016, the Commission proposed a new package of banking reforms which aim to update and amend CRR/CRD IV and BRRD. These proposals are known as Risk Reduction Measures, and are currently being negotiated at EU Council with officials from the EU Banking Policy unit and the Central Bank of Ireland attending.

Useful Links:

What is Banking Union?

European Commission FAQ on CRR/CRDIV

European Commission FAQ on BRRD

European Commission FAQ on Risk Reduction Measures

European Commission press release on Single Resolution Mechanism