Arab Today, arab today eu strikes deal for eurozone banks watchdog
Last Updated : GMT 06:10:40
Arab Today, arab today
Arab Today, arab today

EU strikes deal for eurozone banks watchdog

Arab Today, arab today

Arab Today, arab today EU strikes deal for eurozone banks watchdog

Brussels - AFP

European Union finance ministers brokered a deal Thursday to create a single bank supervisor with powers to close down lenders right across the eurozone, several officials said. The \"historic\" agreement, after 14 hours of talks and less than 12 hours from the start of a summit of EU leaders who ordered the marathon preparations, \"As you know it is a key element in our plans to establish a banking union,\" said Cypriot Finance Minister Vassos Shiarly, the meeting\'s chair who announced the deal at a 4.40am (0340 GMT) press The \"overall aim is to restore confidence in the banking sector, he added, calling the deal a \"Christmas present for the whole of Europe.\" The so-called Single Supervisory Mechanism (SSM) will allow eurozone rescue funds to directly recapitalise struggling banks, such as those which failed in Greece and Spain where a burst property bubble left a string of bad debts. EU Financial Markets Commissioner Michel Barnier told a press conference that the European Central Bank (ECB), which lies at the centre of the new arrangements, would under the new mechanism directly supervise some 200 of the eurozone\'s biggest lenders, from the total of around 6,000. In a clear nod to Germany, despite concerns in London for example of the state of coffers in Germany\'s regional banks, only the biggest banks will fall under the ECB\'s watchful gaze. Barnier said that only banks with assets worth more than 30 billion euros will be covered directly by the new supervisory rules. He said the new mechanism was a \"first stage\" that would over the course of 2013 be followed up with legislative proposals for a fund to wind-up banks that can\'t be fixed and also a cross-border deposit guarantee. These were additional elements originally suggested in plans for a banking union, a precursor to deeper economic and political integration across the eurozone as an antidote to the debt crisis.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu strikes deal for eurozone banks watchdog Arab Today, arab today eu strikes deal for eurozone banks watchdog

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday