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| European ministers to meet again on banking reform | European ministers to meet again on banking reform |
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| Markets are braced for further uncertainty this week as European ministers meet again on Wednesday after failing to hammer out a deal on banking reform over the weekend. Despite nearly 20 hours of talks on Saturday, finance minsters were split on determining the order in which investors and creditors should pay for bank restructuring. In particular there was disagreement over whether savers with more than €100,000 (£85,000) in an account should be included, as in the Cyprus bank rescue. | Markets are braced for further uncertainty this week as European ministers meet again on Wednesday after failing to hammer out a deal on banking reform over the weekend. Despite nearly 20 hours of talks on Saturday, finance minsters were split on determining the order in which investors and creditors should pay for bank restructuring. In particular there was disagreement over whether savers with more than €100,000 (£85,000) in an account should be included, as in the Cyprus bank rescue. |
| Britain was reportedly one of the countries wanting more flexibility over whether depositors were hit in bailouts. | |
| Irish finance minister Michael Noonan said another meeting would be needed on Wednesday, just before a two-day summit of EU leaders. He warned: "There is no guarantee it will reach conclusion. It is principally an issue of the non-euro and the euro nations." | |
| But French finance minister Pierre Moscovici said: "I have no doubt we will reach a deal." | But French finance minister Pierre Moscovici said: "I have no doubt we will reach a deal." |
| An agreement would have been an important step towards establishing a European banking union, aiming to give supervision and rescue of banks to European institutions rather than member states. | An agreement would have been an important step towards establishing a European banking union, aiming to give supervision and rescue of banks to European institutions rather than member states. |
| Erik Nielsen, global chief economist at Unicredit Research, said on Sunday: "All said and done, progress is being made... I am pretty confident that the Ecofin will find a way to agree when they meet again on Wednesday ahead of the summit." | Erik Nielsen, global chief economist at Unicredit Research, said on Sunday: "All said and done, progress is being made... I am pretty confident that the Ecofin will find a way to agree when they meet again on Wednesday ahead of the summit." |