Already a Bloomberg.com user?
Sign in with the same account.
Feb. 9 (Bloomberg) -- European Union plans to writedown bondholders at failing banks will “most probably” be presented “before summer,” the chief adviser to EU Financial Services Commissioner Michel Barnier said.
The measures will be published when “ministers can give them their full attention and markets are not jumpy,” the adviser, Olivier Guersent, said today at a conference in Brussels. The European debt crisis is “still in the middle of the radar screen,” he said.
Regulators have called for legal powers to impose losses on bank creditors as part of a set of measures to prevent lenders being too-big-to-fail. The Financial Stability Board last year called for so-called bail-in rules to be put in place for all international banks.
“We are waiting for the most propitious moment in economic and political terms,” Guersent said. All regions should adopt regulations to wind down failing lenders, he said, adding that such rules are “more needed” in the EU “than elsewhere.”
Guersent also said that the membership list and remit of a high-level group on bank structure will be published by “early next week.”
The group, which will examine measures to separate retail and investment banking, will publish its views by the end of this year, he said.
--Editors: Jones Hayden, Peter Chapman
To contact the reporter on this story: Jim Brunsden in Brussels at email@example.com
To contact the editor responsible for this story: Anthony Aarons at firstname.lastname@example.org