You were warned that this day would come…

Deal reached on bank “bail-in directive”

“”Parliament and Council Presidency negotiators reached a political agreement Wednesday on the draft bank recovery and resolution directive, the first step towards setting up an EU system to deal with struggling banks. This directive will introduce the “bail-in” principle by January 2016, thereby ensuring that taxpayers will not be first in line to pay for bank failures.””

For taxpayers read customers!!

Deal reached on bank “bail-in directive”

http://www.europarl.europa.eu/news/en/news-room/20131212IPR30702/Deal-reached-on-bank-%93bail-in-directive%94

Six countries will be referred to the European Court of Justice (ECJ) for their continued failure to transpose the EU’s “bail-in” laws into national legislation, the European Commission said on Thursday.
The referral comes after the Commission issued a warning against Poland, the Netherlands, Luxembourg, Sweden, Romania and the Czech Republic for their non-compliance earlier this year.

Should the ECJ rule against the member states, governments could be hit with a daily fine until the directive is fully implemented.

The BRRD is a crucial part of the EU’s vision to create a banking union among the 19 members of the euro, and is due to come into force on January 1.

http://www.telegraph.co.uk/finance/economics/11947986/EU-takes-member-states-to-court-over-bail-in-laws-to-protect-taxpayers.html

A bank in Ireland is still the same bank in whichever country you visit, including the UK!

Don’t think for one minute UK share holders or depositors won’t panic.

Watch the banking share sell off begin on Monday..

AC