Bloomberg News

ECB’s Asmussen Calls for EU Bank Resolution Authority, FTD Says

May 31, 2012

European Central Bank Executive Board member Joerg Asmussen said the euro area needs a centralized bank resolution authority to break the link between banks and sovereigns, Financial Times Deutschland reported, citing comments made by the central banker at a closed-door meeting in Frankfurt today.

He suggested the authority could wind down struggling banks with funds contributed by the financial sector, according to the report.

Asmussen also proposed a centralized regulator to monitor the 25 most systemically important banks in the currency union, FTD said in excerpts of a report to be published tomorrow.

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

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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