Bloomberg News

Rehn Says Close to An Agreement on EU Bank Recapitalization

October 15, 2011

Oct. 15 (Bloomberg) -- European Union Economic and Monetary Affairs Commissioner Olli Rehn said member states are “close” to reaching an agreement on banks’ recapitalization.

“We will have more clarity” in “the coming days” Rehn told Bloomberg Television in an interview after a meeting of central bankers and finance ministers from the Group of 20 nations in Paris today. While he declined to comment on a possible capital level of 9 percent, he said it’s important to have “clear” plans on recapitalization.

There’s “a sense of urgency” among EU member states to contain the crisis and build a firewall, he said.

To contact the reporter on this story: Peter Cook in Washington at

To contact the editor responsible for this story: Simone Meier at

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