Banks’ Senior Debt Holders May Face Losses in EU Plan
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The European Union proposed that bank regulators be granted powers to write down lenders’ senior debt and veto new products, as part of a package of measures to protect taxpayers from future financial crises.
“Banks will fail in the future and must be able to do so without bringing down the whole financial system,” Michel Barnier, the EU’s financial services commissioner, said in an e-mailed statement today.