ECB calls for common EU approach on debt write-offs
The EU law sets out how creditors such as senior bondholders of a bank should take a hit to shore up the bank and thus shield taxpayers; ECB will not be bound by any national rule
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Frankfurt
THE European Central Bank called on Tuesday for a common approach in the European Union to writing off bank debt, to make it easier to shore up failing international lenders without having to call on taxpayers.
An EU directive on banking resolution is due to come fully into force in January but a number of member countries including Germany have introduced their own rules.
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