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EU Leaders to Urge June 2013 Bank Resolution Accord, Draft Says

European Union leaders will press for a June 2013 agreement on how to handle failing banks and how to set minimum standards for deposit guarantee schemes, according to draft conclusions for this week’s summit.

Leaders will urge nations to agree on the two measures by March 31 and then reach an accord with the European Parliament by mid-year, according to Dec. 12 draft conclusions obtained by Bloomberg News. The timeline is a change from a Dec. 3 draft, which aimed to wrap up all agreement on the measures by March.

The leaders also will call for the European Commission in 2013 to submit a proposal for a “single resolution mechanism” for nations that take part in common bank supervision, the draft document said.

To contact the editor responsible for this story: Rebecca Christie at rchristie4@bloomberg.net

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