21 Mar 2014
EU agrees bank regulation body - Danske Bank
FXStreet (Barcelona) - Jens Nærvig Pedersen, Analyst at Danske Bank comments that the EU yesterday agreed on legislation to create a single agency to handle failing euro- area banks including the creation of a central resolution board backed by a EUR55bn fund financed by industry levies.
Key Quotes
“Euro area banks will fill the new fund over a period of eight years. Funds will stay in national compartments during that transition period.”
“After three years, about 70% of the fund will be available to all participating nations. As Denmark does participate in the euro, the Danish parliament has yet to decide whether to participate in the banking union.”
Key Quotes
“Euro area banks will fill the new fund over a period of eight years. Funds will stay in national compartments during that transition period.”
“After three years, about 70% of the fund will be available to all participating nations. As Denmark does participate in the euro, the Danish parliament has yet to decide whether to participate in the banking union.”