“The final dossier of the Banking Union might be at risk. We demand a more efficient procedure for failing banks”, stated Corien Wortmann-Kool, Vice-Chairwoman of the EPP Group and Shadow Rapporteur on the Single Resolution Mechanism (SRM) dossier.

Wortmann-Kool expressed her disappointment on Thursday morning following the start of trilogue negotiations with the Council and the European Commission. “This proposal is too important to let it slip through our fingers. The Council has invented a too complex and fragile procedure for failing banks.”

She pointed out several weak points in the current Council position. In the case of a failing bank, up to 100 people might be involved in the decision-making process. “With so many people involved, it seems impossible to act decisively. The risk of leaks is also too big.”

Another weak point is that up to 18 Finance Ministers could end up discussing the resolution of a bank. “Too time-consuming and complex”, said Wortmann-Kool. “History has shown us that Europe must respond swiftly in the case of a failing bank.”

The Banking Union is probably the largest integration project in the EU over the last 10 years.

“This time we should get it right at once and not find ourselves having to repair things afterwards, as we had to do with the Stability and Growth Pact and the Banking Authority.”