ECOFIN

George Osborne Excerpts

Tuesday 10th December 2013 Written Statements

[The Chancellor of the Exchequer (Mr George Osborne)]

A meeting of the Economic and Financial Affairs Council will be held in Brussels on 10 December 2013. The following items are on the agenda to be discussed.

Savings taxation

Council will be asked to reach political agreement on a proposal on taxation of savings income in the form of interest payments. The compromise text which Ministers will be asked to agree is identical to that discussed at ECOFIN in November. The Government support an agreement of the amending proposal to the EU savings directive and an adoption of the mandate as soon as possible.

Bank Recovery and Resolution

Council will consider the European Parliament’s amendments to a proposal for a directive establishing a framework for the recovery and resolution of credit institutions and investment firms, in preparation for potential political agreement.

Deposit Guarantee Schemes

Council will consider the European Parliament’s amendments to a proposal for a directive on deposit guarantee schemes, in preparation for potential political agreement.

Macro-economic Imbalance Procedure—Commission Alert Mechanism Report

Council will hold an initial exchange of views on the alert mechanism report, the first stage in the macro-economic imbalance procedure.

Annual Growth Survey 2014

Council will hold an initial exchange of views on the annual growth survey 2014. The Government broadly welcome the annual growth survey 2014 and its continued focus on jobs and growth.

Assessment of Economic Partnership Programmes

Council will be invited to adopt draft Council opinions on the economic partnership programmes of Spain, France, Malta, the Netherlands and Slovenia, describing the policy measures and structural reforms that are needed to ensure an effective and lasting correction of their excessive deficits.

Implementation of the Stability and Growth Pact

Council will seek to adopt a Council decision and Council recommendation relating to Poland’s excessive deficit procedure.

Annual report of the Court of Auditors on the implementation of the budget for the financial year 2012

The President of the European Court of Auditors, Mr Vitor Caldeira, will present to Council the annual report of the Court of Auditors on the implementation of the budget for the financial year 2012. The Government take the report and its findings seriously and strongly support the need to improve financial management of the EU budget.

Proposal for a Council Regulation establishing a facility for providing financial assistance for Member States whose currency is not the euro

The presidency will hold a state of play discussion on a proposal to amend the current EU balance of payments regulation.

Single Resolution Mechanism

Council will examine the proposal, establishing uniform rules and a uniform procedure for the resolution of credit institutions and credit investment firms in the framework of a single resolution mechanism and a single bank resolution fund. The presidency is looking to reach a general approach.