ECOFIN

Mark Hoban Excerpts

Monday 30th April 2012 Written Statements

[The Financial Secretary to the Treasury (Mr Mark Hoban)]

An extraordinary meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 2 May 2012. The following items are on the agenda to be discussed:

Revised Capital Requirement Rules (CRD IV)

The council will discuss the presidency’s compromise on the Commission’s proposal to replace the capital requirements directive (directives 2006/48/EC and 2006/49/EC, as amended by directives 2009/111/EC and 2010/76/EU), with a regulation on prudential requirements and a directive on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, together known as “CRD IV”.

The UK will push for the full implementation of Basel 3 and for member states to have sufficient flexibility to protect financial stability in their jurisdiction.

Follow-up to the G20 meeting of finance ministers and governors and IMF spring meetings (Washington 20-22 April 2012)

The Commission will update member states on the IMF spring meetings, which took place in Washington on 19-22 April, including a meeting of G20 finance ministers and Central Bank governors. The Chancellor updated the House on the outcome of the discussions at the spring meetings, including on IMF resources, in a statement on 23 April.