EU finance ministers agree on banks
It took a second meeting of EU finance ministers to reach an agreement on how to deal with banks in crisis. A deal was struck in Brussels on Wednesday night to ensure that banks' main owners and investors, as well as the bank's largest accounts, and not tax payers, should be responsible for covering losses, a so-called "bail-in", reports newspaper Dagens Nyheter.
"There will be a bail-in solution which includes all European banks, including the Swedish ones. Those who finance the banks will also have to carry some of the risks in connection with serious crises," Swedish Finance Minister Anders Borg said after the meeting.
This means that only those bank account holders with less than 100,000 Euros (860,000 SEK) will be protected from helping out a bank in crisis.