Monday 11:27
The Treasury today published regulations for the implementation of the EU Credit Institutions Reorganisation and Winding-Up Directive. This follows on from last year's consultation paper.
The purpose of the Directive is to unify proceedings for EU credit institutions that are being wound-up or are subject to reorganisation measures.
Ruth Kelly, Financial Secretary to the Treasury, said:
"The Directive will simplify proceedings when an EU credit institution is in financial difficulties, enabling efficient reorganisation or distribution of assets and ensure that all EU creditors are treated equally."
The Treasury today published a summary of consultation responses, details of changes to the regulations as a result of the consultation, the final Regulatory Impact Assessment, the Regulations and a Transposition Note.
The Directive is due to be implemented into UK law on 5th May 2004. The Regulations will be laid in Parliament on 5th April 2004.
Notes to Editors
1. A consultation document and draft Regulations on the proposed implementation of the Directive were issued on 28th November 2003. The consultation period ended on 27th February 2004.
2. All the documents published today can be found on-line at http://www.hm-treasury.gov.uk
