The European Parliament today approved a package of new legislation to monitor, supervise and regulate the banking sector in Europe.

The three reports approved today in Strasbourg on the Single Resolution Mechanism, the Bank Recovery and Resolution Directive and the Deposit Guarantee Schemes Directive are part of a series of measures that are collectively known as the Banking Union.

Pat the Cope Gallagher MEP said today:

“The Banking Union is designed to ensure that what happened in Ireland and Europe in terms of the banking collapse, will never happen again. The Banking Union includes stricter supervision of banks and their activities, bail-in measures to protect the taxpayer and greater protection for depositors. The adoption of the Banking Union should strengthen Ireland’s legitimate case for a retrospective deal on its bank debt as these specific measures were not available to Ireland and the Irish taxpayer during the crisis.”