MORE: Schaeuble Sees Leeway on Details of Euro Bank-Failure PlanRainer Buergin
German Finance Minister Wolfgang Schaeuble said he sees leeway on details of a Single Resolution Mechanism plan agreed on by finance ministers last year, though the fundamentals of their proposal can’t be changed in talks with the European Parliament on the final form of the legislation. *“We agreed in the council on the fundamental lines in the December decision,” Schaeuble told reporters in Brussels today. “One can come to different solutions on individual questions, but in principle the structure must remain.” *Schaeuble on SRM: “We must act within the framework of the given legal foundations of the European treaties. As long as only the member states can levy a fee, they have to assume responsibility for the fee being levied.” *On direct recapitalization of banks by the European Stability Mechanism, Schaeuble said: “As the heads of state and government decided in June 2012, we need to create the preconditions and then we have it as a last resort, but at the end of a clearly agreed liability cascade.” *Schaeuble: “Greece and the troika have to reach an agreement that Greece is taking the steps that have been agreed in the program. That condition must be met and then the next tranche can be paid. That’s not easy for Greece, but the Greek prime minister and the Greek finance minister have declared that they will meet the conditions.” *Schaeuble: “After the end of the program one will have to examine in a timely fashion whether an additional, limited financing requirement is necessary, as we said very clearly when we passed the program 1 1/2 years ago. But it’s too early for that now; we’re doing things step by step.”
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