EU Says No Concrete Bank Recapitalization Plan Right Now

Oct. 5 (Bloomberg) -- The European Union doesn’t have a new plan to recapitalize banks, the European Commission said.

EU Economic and Monetary Commissioner Olli Rehn “doesn’t speak of a concrete plan in hand,” his spokesman, Amadeu Altafaj, told reporters in Brussels today. “He speaks of an initiative, of discussions in progress and he pleads for a European approach.”

Altafaj was responding to questions about Rehn’s comments to the Financial Times yesterday.

The commissioner “clearly indicated he doesn’t have a new recapitalization plan,” the commission’s chief spokeswoman, Pia Ahrenkilde Hansen, said.

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To contact the editor responsible for this story: James G. Neuger at jneuger@bloomberg.net