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Resolution fund needs a credit line, Draghi told MEPs (Photo: europarl.europa.eu)

Eurozone bank fund needs credit line, Draghi says

A eurozone bank resolution fund should have its own credit line allowing it to cover the costs of bank failure, European Central Bank (ECB) chief Mario Draghi said Monday.

Speaking on Monday (23 September) at a hearing of the European Parliament's Economic committee, Draghi told MEPs that although national authorities will still be responsible for bearing the costs of bank resolution in the short-term, a permanent fund would need a "backstop."

The ECB will be conducting stress-tes...

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

Resolution fund needs a credit line, Draghi told MEPs (Photo: europarl.europa.eu)

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

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