Saturday, December 5, 2015
Euro zone bank fund to start in Jan with no delays
''A new euro zone fund for troubled banks will become operational from January as planned because a sufficient number of member states have completed the legal procedures, EU officials said on Monday.
The euro zone's Single Resolution Fund (SRF) was agreed after the 2009-2012 euro zone debt and banking crisis to make sure that in case of new bankruptcies, banks would foot the bill rather than taxpayers.
For the fund to be operational, a minimum number of euro zone states had to ratify by Monday the agreement underpinning the SRF.
"The EU's single resolution mechanism will enter into force as foreseen on 1 January 2016," an EU Council statement said on Monday, dismissing concerns that there may have been a delay.Read more at Reuters