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EU agree E55m bank failure fund

Wednesday, May 21 15:27:51

European Union countries - except Sweden and the UK - today reached a final agreement on setting up a common E55 billion euro zone back-up fund to help shut down failing banks.

Europe wrapped up negotiations in late March on establishing a banking union, with the European Central Bank to take over as bank watchdog at the end of this year.

Under the agreement signed today, a back-up fund will be built up over eight years and reach a target level of at least 1 percent of banks' covered deposits.