December 13, 2012 / 11:56 AM / in 5 years

Some banks could be recapitalised by ESM in 2013-Schaeuble

BRUSSELS, Dec 13 (Reuters) - Some euro zone banks could be recapitalised by the European Stability Mechanism (ESM) bailout fund in 2013 under certain conditions, German Finance Minister Wolfgang Schaeuble said on Thursday.

“This is a relatively unlikely scenario,” Schaeuble told reporters, hours after EU finance ministers reached an agreement to make the European Central Bank supervisor for euro zone banks from 2014.

He said European finance ministers wanted to be able to react in an emergency if necessary.

“The condition for such one-off aid is unanimous agreement in the ESM, which in the case of Germany needs prior approval by the Bundestag (lower house),” said Schaeuble, adding that the ECB would assume its role as banking supervisor from 2014.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below