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A DRAFT law that a group of European Union lawmakers voted for on Monday would shield small depositors from losing their savings in future bank rescues, but customers with more than €100,000 in savings when a bank failed could suffer losses.A group of lawmakers in the European Parliament's economics committee overwhelmingly voted that, from 2016, large depositors in the EU might suffer losses if a bank gets into serious trouble. The plan was similar to the deal for Cyprus, which saw large depositors at Bank of Cyprus and Laiki taking hits... 7 comments
CYPRUS was censured by top EU officials yesterday for its foot-dragging over a bailout from as early as November 2011 when the first warnings were issued, to the clinching of a deal some 16 months later, a timeframe, which had only made things worse, they said.European Commissioner for Economic and Monetary Affairs, and vice president of the European Commission, Olli Rehn were briefing members of the European Parliament (MEPs) at the committee on economic and monetary affairs... 27 comments
THE European Parliament is likely to back plans to impose losses on wealthier depositors in failed banks while shielding smaller savers, its lead negotiator on the rules said yesterday.Talks are under way to finalise EU rules on crisis-hit banks following the Cyprus bailout, in which both large and small depositors were originally going to be hit before the plan was changed to charge only the former.The European Parliament's backing is needed for any proposals to become law.Gunnar Hokmark, a Swedish conservative in the European Parliament, said most categories of deposits would not be protected under proposals likely to be agreed... 11 comments
ANGRY European lawmakers yesterday roundly condemned the handling of the Cyprus bailout programme, blaming the Eurogroup for its appalling communications, the Commission for not defending insured depositors, and some member states for their “colonial” approach to addressing eurozone troubles.During a debate in the European Parliament (EP) on the Cyprus bailout, MEPs accused the Commission and its troika partners, the IMF and European Central Bank (ECB), of creating a “fiasco” and “disaster”, with much wider implications than Cyprus. One went as far as to call for the disbanding of the troika. ... 22 comments