ECB's Constancio: no objections to minority protection at EBA

LONDON Mon Oct 22, 2012 10:40am EDT

LONDON (Reuters) - Safeguards for countries outside the euro zone's banking union would not be problem for the European Central Bank, ECB Vice-President Vitor Constancio said on Monday, addressing British concerns with regards to the creation of a single banking supervisor in the euro zone.

"If some reinforcement of protection of minorities is introduced in the voting procedure of the European Banking Authority we would have no objection to that," Constancio told a committee of Britain's upper house in parliament.

Britain is worried that banking union countries could team up to impose on all the 27 EU-states.

(Reporting by Sven Egenter and Huw Jones)