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Published: Saturday 20 July, 2013

online boutiques online boutiques ?EU finance ministers fail to agree on rules for bank failures despite marathon negotiations

LUXEMBOURG European Union finance ministers negotiating almost around the clock broke up unsuccessful talks on Saturday on how to downsize or close banks without letting taxpayers foot the bill and faced a danger that the divisive issue could undermine trust in Europe ability to stabilize its financial system.

Irish Finance Minister Michael Noonan said that the negotiations he chairs would need a online boutiques nother meeting next Wednesday to bridge fundamental differences between the 27 member nations and warned is no guarantee it will reach conclusion. >

Despite 19 hours of intricate negotiations, several ministers hinted at the prolonged impasse between the memb online boutiques ers of the 17nation eurozone and the EU ten other members like Britain that are not part of the currency union.

is principally an issue of the noneuro and the euro nations, Noonan said.

French Finance Minister Pierre Moscovici voiced confidence that ministers will be able to broker a deal at the emergency meeting which comes only hours ahead of a summit of EU leaders to assess the brittle financial state of the union.

have no doubt we will reach a deal, Moscovici said.

An agreement on the rules would have been an important step to stabilizing Europe financial system and establish a socalled banking union, which aims to give the supervision and rescue of banks to European institutions rather than leaving weaker member states to fend for themselves. It is a key part of the EU plans to restore financial and economic stability to the region.

The ministers at their meeting in Luxembourg sought to decide on new rules determining the order in which investors and creditors would have to pay for bank restructurings. A key stumbling block was who to hit hardest: Should losses be limited to banks shareholders and creditors, or should small companies and ordinary savers holding uninsured deposits worth more than 100,000 euros $132,000 also be included?

The most controversial issue, however, proved to be how much leeway member states should be granted in making decisions on winding down banks. Some countries like Britain don want to be bound by rigid European rules. Other nations warned that too much flexibility would create new imbalances between the bloc weaker and stronger economies and destroy the project of establishing a single set of rules that creates certainty for investors and restores trust in the financial system.

Moscovici said percent of the work was done, although France and others were still pushing for greater flexibility.

The ministers had vowed to resolve the issue by the end of June, thus the agreement on Wednesday emergency meeting. Noonan however said the issue could spill beyond that, when Lithuania will take over the chairmanship of EU meetings.

Once the ministers finalize the legislation, they will then start negotiating the legislation with the European Parliament.

In addition to how much capital a bank must hold, the new European rules would also establish a minimum level o online boutiques f funds be it capital, bonds, or deposits that banks must have on their books to ensure that there always enough privately held assets on which losses can be forced, thus shielding taxpayers from the burden of propping up the bank. online boutiques