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Country’s Policy Intentions Documents — Ireland: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding; Letter of Intent and Memorandum of Understanding on Specific Economic Policy Conditionality (College of Commissioners), November 28, 2011
Country Report No. 11/356: Ireland: Fourth Review Under the Extended Arrangement and Request for Rephasing of the Arrangement – Staff Report; Letter of Intent; Memorandum of Economic and Financial Policies; Technical Memorandum of Understanding; Letter of Intent and Memorandum of Understanding on Specific Economic Policy Conditionality (College of Commissioners); Staff Supplement; Press Release on the Executive Board Discussion.
OK I’ve got as far as P15 of a 200pg document, and my festive cheer is palling smewhat.
However, this bit looks interesting.
“Third, important steps have been taken to strengthen the framework for crisis management and resolution. At the international level, the new standard containing key attributes of effective resolution regimes that was approved by the G20 at the Cannes Summit in November 2011 sets out
the key elements that all resolution regimes should contain to enable authorities to resolve failures of SIFIs in an orderly manner without exposing the taxpayer to the risk of losses, as well as principles on cross-border cooperation. At the European level, legislative proposals of the European Commission for an EU framework for the recovery and resolution of failing financial institutions are scheduled for early next year. Ultimately, both international and EU initiatives should provide the means to facilitate the management and resolution of bank crises also at a cross border level.”
Anyone care to point to the key elements that were agreed at the G20 summit?
“without exposing the taxpayer to the risk of losses” would be nice.
And the second half of that paragraph tells us where the EU Framework is at: “early next year”.
I had been emailing the EU Commission, who had planned in November to have it by the end of this year – I’m waiting on a reply and I’ll let you know if there’s any more useful information on the way.
Also, I would like to know is this is the kind of document all economists and bankers look forward with relish to finding in their stockings, or is is more of useful coaster for mulled wine glasses? (Should I bother reading more of it?)