World

Saturday 26 July 2014

G7 closer on regime for bank closures

Ian Katz

Published 13/05/2013|04:00

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ECB President Mario Draghi

The 'Group of Seven' finance ministers of major world economies have edged closer to making sure that lenders on the brink of failure can be shut down without threatening financial stability.

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A meeting over the weekend featured "extensive discussion on banking regulation", including talks about how to close banks, according to ECB President Mario Draghi. A European plan on the issue is due to be proposed in June.

"It is important to complete swiftly our work to ensure that no banks are too big to fail," UK Chancellor of the Exchequer George Osborne said.

"We must put regimes in place in each of our jurisdictions to deal with failing banks and to protect taxpayers, and to do so in a globally consistent manner."

Irish Independent

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