September 24, 2013 / 3:57 PM / 4 years ago

UniCredit says expects more info on banking union by mid-Oct

MILAN, Sept 24 (Reuters) - The CEO of UniCredit, Italy’s largest bank by assets, said on Tuesday he expected European banks to have clear instructions on how the process towards a banking union will be implemented by mid-October.

“By mid-October there should be precise instructions,” Federico Ghizzoni told reporters.

He said the asset quality review and the stress tests on lenders to be conducted by European regulators should be completed by mid-2014.

Ghizzoni also said he did not expect the European Central Bank to launch another round of cheap longer-term loans but that it would instead, if needed, provide liquidity to individual banks offering adequate collateral.

Reporting by Silvia Aloisi

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