The European Commission has approved under EU state aid rules a package of Danish measures to liquidate Fionia Bank, a small bank that became insolvent in the wake of the financial crisis.

2. The Banking Resolution Unit shall be empowered to fulfil the tasks set out in paragraph 1, in order to rehabilitate distressed institutions or to decide on a winding-up on non-viable institutions (critical to limit moral hazard).

2. The Banking Resolution Unit shall be empowered to fulfil the tasks set out in paragraph 1, in order to rehabilitate distressed institutions or to decide on a winding-up on non-viable institutions (critical to limit moral hazard).

3. The Banking Resolution Unit shall comprise experts appointed by the Board of Supervisors of the Authority with knowledge and expertise in restructuring, turn-a-rounds and liquidation of financial institutions.

(19) Withdrawal of authorisation to pursue the business of banking is one of the consequences which winding up a credit institution necessarily entails.

With regard to legislation on banking and on financial services, we expect, taking account of any proposed amendments from the European Parliament, to be able to conclude the passage of the Directives concerning compensation schemes for investors, cross-border payments and the prudential treatment of bilateral netting agreements, on which the Council has already stated common positions. We also hope it will be possible during the next six months to reach an agreement on the proposal for a Directive on the reorganization and winding-up of credit institutions and the proposal concerning the setting up of a Transferable Securities Committee ...[+++].