This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-25426904

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Eurozone ministers pave way for bank failure fund Eurozone ministers pave way for bank failure fund
(about 1 hour later)
Ministers from eurozone countries have made progress towards creating a bank fund for dealing with failing banks.Ministers from eurozone countries have made progress towards creating a bank fund for dealing with failing banks.
Banks will be charged a levy which will build up a 55bn euro (£46.5bn, $76bn) fund over 10 years. If there is not enough money in the pot, national governments can supply funds, or borrow to do so.Banks will be charged a levy which will build up a 55bn euro (£46.5bn, $76bn) fund over 10 years. If there is not enough money in the pot, national governments can supply funds, or borrow to do so.
Senior figures said the talks, which broke up very early on Wednesday, had made a "crucial breakthrough".Senior figures said the talks, which broke up very early on Wednesday, had made a "crucial breakthrough".
More talks are planned for later. More talks are planned later.
These will include the wider group that will bring in finance ministers from all 28 countries in the European Union, as well as those from the 17 countries that form the eurozone.These will include the wider group that will bring in finance ministers from all 28 countries in the European Union, as well as those from the 17 countries that form the eurozone.
Olli Rehn, the EU economic affairs commissioner, said: "We have reached a crucial breakthrough."Olli Rehn, the EU economic affairs commissioner, said: "We have reached a crucial breakthrough."
The outline plan is one favoured by Germany, which was keen to avoid leaving taxpayers paying for any future bank bailouts. The outline plan for a Single Resolution Fund (SRF) is one favoured by Germany, which was keen to avoid leaving taxpayers paying for any future bank bailouts.
It is part of wider efforts to move towards building a banking union and moves the risk away from small depositors, towards shareholders and bond holders of the bank experiencing difficulties. It is part of wider efforts to move towards building a banking union and transfer the risk away from small depositors towards shareholders and bond holders of the bank experiencing difficulties.
Props Banking union
Ministers' overall aim is to form a banking union that would give European authorities the powers to supervise banks, and wind them up when necessary. The German Chancellor, Angela Merkel, said: "We have always said we don't want the taxpayers to have to step in for struggling banks and we now have a common regulatory body, which is currently being developed at the European Central Bank.
The banking crisis forced a number of European governments countries to spend stupendous sums of money supporting banks whose lending had turned bad. "But this regulator alone is not enough. Of course we need a common mechanism closing down failing banks, if banks should come into difficulties."
The ministers' overall aim is to form a banking union that would give European authorities the powers to supervise banks, and wind them up when necessary.
The banking crisis forced a number of European governments to spend large sums of money supporting banks whose lending had turned bad.
Over the main years of the crisis, European governments spent 1.5 trillion euros (£1.3tn; $2tn) propping up the banks.Over the main years of the crisis, European governments spent 1.5 trillion euros (£1.3tn; $2tn) propping up the banks.
Bank failures sparked crises in the Republic of Ireland, Spain and Cyprus.