Optimism as Omnibus II trilogues recommence next week

Over the summer, Omnibus II discussions picked up speed at the EU Council. Draft papers reveal a more generous volatility balancer and extended transitional measures are in the pipeline. Industry representatives believe an agreement is within reach before the end of the parliamentary term. The stakes are high. Hugo Coelho reports

Judging from their progress last year, a smooth conclusion to the Omnibus II negotiations that are recommencing after the summer recess might seem unlikely. Discussions on the directive that amends Solvency II had been derailed by seemingly irreconcilable differences between European member states.

This time, however, that might not be the case. One year after talks stalled over the treatment of long-term guarantees and were officially put on hold to give time for an additional impact assessment