“Malta will not give it consent unless it studies the legal text in detail, which is still to be drafted and sees that Malta’s interests are safeguarded. In particular we seek a system of decision making which is not cumbersome and which respects the rights of small Member States” Minister for Finance, Professor Edward Scicluna stated during the meeting of Finance Ministers in Brussels on 10 December 2013.

 

Finance Minister Scicluna with Italian Finance Minister Fabrizio Saccomanni

 

Reacting to the latest proposals presented late last night on the draft Regulation for establishing a Single Resolution Mechanism (SRM), Minister Scicluna stated that a “resolution” is, by definition, “urgent business.” Hence it is important that the system is able to react effectively, efficiently and in a timely manner.
The marathon meeting made substantial progress on numerous outstanding issues relating to the proposal. Minister Scicluna noted that the negotiations are “a work in progress on a number of issues” including governance structures, the role of the institutions, decision making and scope.
The meeting was suspended during the early hours of this morning and will continue next week with another ECOFIN meeting.

 

Finance Minister Scicluna with Spanish Finance Minister Luis de Guindos (on the left) and Swedish Finance Minister Anders Borg

 

Although discussions on the Single Resolution Mechanism dominated the Council meeting, other issues were also discussed. Ministers exchanged views on the proposed Deposit Guarantee Scheme Directive (DGS) which aims at harmonising rules within the EU on national guarantees for bank deposits. During the discussion, Malta emphasised that the objective of the Directive, namely to protect depositors’ savings, should always be safeguarded.
The Saving Tax Directive and the Annual report of the Court of Auditors on the implementation of the budget for the financial year 2012 were also addressed by Finance Ministers.
During the meeting Minister Edward Scicluna was accompanied by Malta’s Permanent Representative to the European Union, Ambassador Marlene Bonnici, and the Permanent Secretary in the Ministry for Finance, Mr. Alfred Camilleri.

 

     

– Wednesday, 11th December, 2013