''A new euro
zone fund for troubled banks will become operational from January as
planned because a sufficient number of member states have completed the
legal procedures, EU officials said on Monday.
The
euro zone's Single Resolution Fund (SRF) was agreed after the 2009-2012
euro zone debt and banking crisis to make sure that in case of new
bankruptcies, banks would foot the bill rather than taxpayers.
For
the fund to be operational, a minimum number of euro zone states had to
ratify by Monday the agreement underpinning the SRF.
"The
EU's single resolution mechanism will enter into force as foreseen on 1
January 2016," an EU Council statement said on Monday, dismissing
concerns that there may have been a delay.
Read more at Reuters
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