Press Release - Brussels, 25 June 2016 - European Commission - Statement
Statement on the Decision of Commissioner Lord Hill to resign from the European Commission and on the transfer of the Financial Services portfolio to Vice-President Valdis Dombrovskis
Commissioner Lord Hill, responsible for Financial Stability, Financial Services and the Capital Markets Union, has informed European Commission President Juncker of his decision to resign from his post as European Commissioner.
President Jean-Claude Juncker said: "It is with great regret that I have accepted Lord Hill's decision to resign from the European Commission. Lord Hill is an experienced politician for whom I have great respect and I want to sincerely thank him for his loyal and professional work as a member of my team.
At the beginning of this Commission's mandate, I wanted the British Commissioner to be in charge of Financial Services, as a sign of my confidence in the United Kingdom's membership of the European Union. To my great regret, this situation is now changing. I have tried to convince Lord Hill to stay on as Commissioner. I consider him to be a true European and not just the British Commissioner. However, I understand his decision and I respect it.
The work of the European Union must go on. After having spoken with Martin Schulz, President of the European Parliament, I have asked Valdis Dombrovskis, Vice-President responsible for the Euro and Social Dialogue, to take over the portfolio for Financial Stability, Financial Services and the Capital Markets Union. In his role as Vice-President, Valdis Dombrovskis is already coordinating many of the key files under this portfolio, working closely with other Commissioners, the European Parliament and the Council on several important legislative proposals in this area, such as the European Deposit Insurance Scheme. With his experience, expertise and his good network amongst Members of the European Parliament, Finance Ministers and Prime Ministers, Vice-President Dombrovskis is ideally placed to ensure continuity in the Financial Stability, Financial Services and Capital Markets Union portfolio."
In line with the Interinstitutional Framework Agreement on relations between the European Parliament and the European Commission, President Juncker has informed Martin Schulz, President of the European Parliament, of Lord Hill's resignation and of his intention to transfer the portfolio to Vice-President Dombrovskis in order to allow for the relevant parliamentary consultation to take place (paragraph 7 of the Interinstitutional Framework Agreement). Lord Hill's resignation will take effect on 15 July (midnight), while President Juncker's decision to transfer his portfolio will take effect on 16 July. This will allow for an orderly transition of this important portfolio.
Under the EU Treaties, there should be one Commissioner per Member State in the Commission. President Juncker stands ready to discuss swiftly with the British Prime Minister potential names for a Commissioner of UK nationality as well as the allocation of a possible portfolio.
Article 17(3) of the Treaty on European Union provides that Commissioners shall be chosen on the ground of their general competence and European commitment from persons whose independence is beyond doubt. Procedurally, the appointment of a new Commissioner of UK nationality requires common accord between the President of the Commission and the Council of Ministers after the consultation of the European Parliament (Article 246, sub-paragraph 2 of the Treaty on the Functioning of the European Union). In addition, the InterinstitutionalFramework Agreement on relations between the European Parliament and the European Commission requires the President of the Commission to “seriously consider” the results of the consultation of the European Parliament before giving his accord to the decision of the Council to appoint the new Commissioner (para 6 of the Framework Agreement).
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