BRUSSELS (Reuters) – Bondholders and large depositors in a failing European bank face taking losses from the start of 2016, European Union negotiators agreed on Wednesday, in a provisional deal on rules to spare taxpayers from further bailouts.
The law, if approved by EU ministers, will make losses for senior bondholders and large savers a permanent feature of the bloc’s response to banking crises and mark another milestone in the reform of an industry that triggered economic turmoil.
BRUSSELS, Dec 11 (Reuters) – Bondholders and large
depositors in a failing bank could face losses as early as 2016
if Germany succeeds in accelerating tough new European rules to
spare taxpayers from further bailouts.
A day after European Union finance ministers met to try to
build a single banking framework for the euro zone, EU
negotiators and members of the European Parliament were
attempting on Wednesday to set out rules that will also provide
the foundations for the so-called banking union.
BRUSSELS (Reuters) – Euro zone countries edged toward agreeing a plan to tackle ailing banks on Tuesday but divisions remain about key parts of the reform that is needed to underpin confidence in the bloc’s lenders.
After a financial storm that toppled banks and dragged down states from Ireland to Spain, countries are considering a fresh blueprint outlining what to do when a bank fails, a critical second pillar of a wider reform dubbed banking union.
BRUSSELS (Reuters) – European Union countries edged slowly towards agreeing a scheme to shut failing banks on Tuesday, although a final deal on wider reform to prevent a repeat financial crisis may not be reached until next week.
After a financial storm that toppled banks and dragged down states from Ireland to Spain, the question of what to do when a bank fails remains unanswered.
BRUSSELS (Reuters) – European ministers make a fresh attempt next week to agree a blueprint to close failing banks but progress is uncertain as the fundamental questions of who gets the power to close a bank and how to pay the bill remain open.
As the dust settles from a financial storm that toppled banks and dragged down states from Ireland to Spain, the question of what to do when a bank fails remains controversial.
BRUSSELS (Reuters) – International inspectors from the EU and IMF have called off a planned visit to Greece next week, officials told Reuters on Friday, a move that marks a new low in relations between the parties and could delay aid payments to Athens.
The decision to postpone the visit may be an attempt by the European Central Bank, European Commission and International Monetary Fund – together known as the ‘troika’ – to bring Athens to heel as frustration grows over Greece’s failure to complete the reforms it has promised in return for aid.
BRUSSELS (Reuters) – The first fall in euro zone unemployment in almost three years coupled with rising prices gave fresh momentum to an economic recovery, but a growing rift between the bloc’s haves and have-nots continued to widen.
The improvement is a welcome sign that the euro zone’s rebound is picking up steam, more than five years after a financial crisis erupted that forced five countries, from Cyprus to Spain, to seek emergency aid from their neighbors.
BRUSSELS (Reuters) – Europe’s highest court struck down EU sanctions against an Iranian power company on Thursday, the latest legal ruling against measures that the European Union has imposed over Iran’s nuclear program.
While sanctions are set to be relaxed under a deal last week in which Tehran promised to limit parts of its nuclear work, the EU is still keen to have the option to impose trade restrictions in the future should Iran waver.
BRUSSELS (Reuters) – The euro zone’s future bank supervisor on Wednesday promised a warts-and-all probe into the bloc’s still fragile financial system, conceding that she and other supervisors had made mistakes in the past.
Seeking the backing of the European Parliament to become the supervisor for euro zone banks, Daniele Nouy listed sovereign debt among the banks’ potentially riskiest assets as she laid down her ambitions for testing the health of lenders.
BRUSSELS (Reuters) – The European Union backed down on Wednesday from threats to suspend agreements granting the United States access to European data, rejecting calls for a tougher stance over alleged U.S. spying.
The move marks an abrupt about-turn for the European Commission, the EU executive, after warnings it issued in July to U.S. officials following revelations that Washington had spied on European citizens and EU institutions.