ECOFIN adopts common position on directive on winding up of credit institutions

At its meeting on 17 July 2000, the Council of Economic and Finance Ministers (ECOFIN) adopted, by qualified majority (The Netherlands voting against), a common position on the proposed directive on the winding up of credit institutions, originally proposed by the EU Commission in 1986. The directive aims to achieve the mutual recognition of winding up procedures for credit institutions across the EU based on the principles of home state control.