Bloomberg News

ECB’s Praet Says European Bank Resolution Framework Needed

February 27, 2012

Feb. 27 (Bloomberg) -- European Central Bank Executive Board member Peter Praet said the euro area still lacks a mechanism to deal with crises in the banking sector.

“We still lack a European crisis management and resolution framework for systemically important banks,” Praet said during a speech in Berlin today. “There are as yet no funds earmarked or clear provisions to help in the recapitalization of big banks.”

“While a lot has already been achieved, some hard work remains ahead of us in order to secure fundamentally sound finances,” Praet said.

To contact the reporter on this story: Jeff Black in Frankfurt at jblack25@bloomberg.net

To contact the editor responsible for this story: Brian Parkin at bparkin@bloomberg.net


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