Brussels plans European banking union from 2013

BBC News

A single regulator to oversee banks across all 27 European Union states could be in place as early as 2013 according to the European Commission.

A controversial new bank bailout fund financed by a tax on financial institutions is also planned.

The proposal includes an EU-wide deposit guarantee scheme to protect savers in the event of a bank collapse.

The UK has said it would not sign up to a full banking union, suggesting it should only be for eurozone members.

The BBC understands a timetable for the plan will be agreed at a European Council Meeting on 28 and 29 June in Brussels.

Read More: Brussels plans European banking union from 2013

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