Energy Efficiency of Buildings – Regulatory Management

Energy Efficiency of Buildings – Regulatory Management Tuesday, 27th October 2015, 3:15PM to 6PM KPMG, 23rd Floor

Breakfast Seminar “Has India’s moment finally come?”

The European Chamber of Commerce in Hong Kong is delighted to invite you to join the following breakfast seminar “Has India’s moment finally come?” with the guest speaker Alan Rosling, CBE, Chairman at Griffin Growth Partners Limited.

Connecting European and Asian Financial Markets: Luncheon with Lord Jonathan Hill, EU Commissioner for Financial Stability, Financial Services and Capital Markets

The Asia Securities Industry and Financial Markets Association (ASIFMA) and the European Chamber of Commerce in Hong Kong are delighted to invite you to a luncheon on the occasion of the visit of Lord Jonathan Hill, EU Commissioner for Financial Stability, Financial Services

2015 Business of IP Asia Forum (BIP Asia)

The upcoming Business of IP Asia Forum (BIP Asia) will be held on 3-4 December 2015. For the latest information and to register, please visit the

A milestone in the Banking Union

European Commission – Press release

Brussels, 31 December 2015

Single Resolution Mechanism to come into effect for the Banking Union

The Single Resolution Mechanism (SRM) will become fully operational on 1 January 2016. The SRM implements the EU-wide Bank Recovery and Resolution Directive (BRRD) in the euro area. The full resolution powers of the Single Resolution Board (SRB) will also apply as of 1 January 2016 (IP/14/2784).

A milestone on building the Banking Union for the Euro area is about to be reached: on 1 January 2016, the Single Resolution Mechanism will become fully operational. The SRM will bolster the resilience of the financial system and help avoid future crises by providing for the timely and effective resolution of cross-border and domestic banks.

The EU has taken significant steps to address the root causes of the financial crisis, to ensure that banks are now much better capitalised and more effectively supervised and to identify risks that may be building in the system. But despite closer supervision and a greater emphasis on crisis prevention, there may still be cases of banks getting into difficulty. The SRM Regulation establishes the framework for Member States participating in the Banking Union when banks need to be resolved.

Commissioner Jonathan Hill, responsible for Financial Stability, Financial Services and Capital Markets Union said: “The Banking Union already has the tools it needs to supervise the banks within the euro area. As of 1st January, the Single Resolution Mechanism will now also be in place. This means that we now have a system for resolving banks and of paying for resolution so that taxpayers will be protected from having to bail out banks if they go bust. No longer will the mistakes of banks have to be borne on the shoulders of the many.”

The SRM provides that the Single Resolution Fund (SRF) will be built up over a period of 8 years with ‘ex-ante’ contributions from the banking industry. Member States agreed to define some of the rules, particularly relating to the transfer of those contributions from National Resolution Authorities to the SRF, and for the progressive mutualisation of their use over time, in an inter-governmental agreement (IGA). The IGA was part of the overall compromise reached by the Member States and the European Parliament on the SRM in March 2014, and sits alongside the SRM Regulation (IP/15/6258). It was ratified by a sufficient number of participating Member States on November 29.

The Banking Union is mandatory for all euro area states and consists of 19 members: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. If Member States chose to join the Banking Union, they need to join the three parts: supervision, resolution, EDIS.

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Headlines from Europe

Monday, 4 January 2016
The Single Resolution Mechanism (SRM) will become fully operational on 1 January 2016. The SRM implements the EU-wide Bank Recovery and Resolution Directive (BRRD) in the euro area. The full resolution powers of the Single Resolution Board (SRB) will also apply as of 1 January 2016 (IP/14/2784).
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Thursday, 27 August 2015
President Jean-Claude Juncker received the President of Ukraine Petro Poroshenko for bilateral talks taking in several matters including concerns...
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Thursday, 20 August 2015
The European Commission signs the Memorandum of Understanding (MoU) with Greece for a new stability support programme. Press Conference by...
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Friday, 7 August 2015
European Commission - Press release EU and Vietnam reach agreement on free trade deal Brussels, 04 August 2015 Today the EU and Vietnam have reached...
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Wednesday, 5 August 2015
European Commission - Press release New EU funding to strengthen security sector and support socio-economic and regional development in Tunisia...
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Monday, 3 August 2015
European Commission - Daily News Daily News 31 / 07 / 2015 Brussels, 31 July 2015 New EU funding of €116.8 million to strengthen security sector...
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Friday, 17 July 2015
The Cypriot economy, energy questions and progress in the Cyprus talks featured high on the agenda of this visit of President Juncker. The President...
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Wednesday, 15 July 2015
The Commission mobilises additional €35 billion support for Greece. It also presents a new deal for energy consumers and proposes to re-shape the...
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Tuesday, 14 July 2015
International Cooperation and Development Commissioner Neven Mimica takes part in the Third International Conference on Financing for Development...
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Monday, 13 July 2015
In the early morning of 13 July, the Euro summit agreed to start negotiations on a support programme for Greece under the European Stability...
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