ECB's supervisor role will underpin future of euro

(16 Dec 2012)

eu kenny 330 1139746t Thumbnail0It is reported in todays Sunday Independent that the EUROPEAN Union finance ministers agreed this week to make the European Central Bank the chief supervisor for banks in the eurozone.

It is a move designed to underpin the currency and its financial system.

Speaking in Brussels earlier, Taoiseach Enda Kenny hailed the agreement by EU Finance Ministers, saying it was an important step towards a eurozone banking union.

What the new system means is that the Frankfurt-based European Central Bank (ECB) will directly supervise banks with assets over €30bn, or which have assets equivalent to a fifth of their country's economic output. The three biggest banks in each member state will be covered.

For full report please click on Sunday Independent website


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