Official presentation of banking union proposals at informal ECOFIN in Nicosia

The official presentation of the Commission’s proposals for a Single Supervisory Mechanism (SSM) for European credit institutions will take place during the Informal ECOFIN Council, which will convene in Nicosia.

According to CNA sources, the presentation will take place on the second day of the ECOFIN meeting in Nicosia (Saturday the 15th).

French Commissioner for Internal Market and Services Michel Barnier will present the Commission proposals to the Ministers of Finance, who will have the opportunity for a first exchange of views on the issue.

The aim of the proposal is to avert future problems like the ones faced by the banking sector in many eurozone member states.

The European Commission intends to put in place the measures from 1 January 2013.

Moreover, EU sources have told CNA that during the upcoming Eurogroup meeting in Nicosia, which will be held on Friday, September 14, discussion will focus on the fiscal situation in Greece, Portugal, Spain, Ireland and Cyprus.

The Informal Council meetings take place in Cyprus, which holds the Presidency of the Council of the EU until December 2012.

Cyprus joined the EU in May 2004.