Bulgarian Presidency Achieves a Major Breakthrough by Brokering a Deal on the Banking Package

The Bulgarian Presidency today concluded 18 months of negotiations between EU Member States in the Council by reaching a deal on the Banking package that paves the way for completing the Banking Union. Member States supported the Presidency's compromise proposal at the meeting of the European economic and finance ministers on Friday, which was chaired by Vladislav Goranov, Bulgaria's Minister for Finance.

Commenting on the breakthrough, Mr Goranov said:

„The agreement on the banking package today will enable us to make progress on other elements of the Banking union.  Today's agreement will send a positive signal to the market. We hope therefore that the European Parliament will be able shortly to start negotiations, allowing us to agree these proposals and enact them as soon as possible."

The package agreed today seeks to implement the reforms identified at international level following the 2007-2008 financial crisis. Once agreed, these measures will ensure that any outstanding challenges to financial stability are correctly addressed.

Also today, ministers agreed to update the EU's list of non-cooperative jurisdictions by removing the Bahamas and Saint Kitts and Nevis, after the two jurisdictions made commitments to address the EU's concerns.

Following the meeting, Mr Goranov gave a press conference, in which European Commission Vice President Valdis Dombrovskis also took part.