Photo: AFP
Photo: AFP

EU finance ministers strike deal on overhaul of banking capital rules

EU finance ministers reach an agreement on reforming bank capital rules, a major step to boost EU's financial stability and to agree on a backstop for its bank-rescue fund in June

Brussels: European Union (EU) finance ministers reached on Friday an agreement on reforming bank capital rules, a major step to boost the bloc’s financial stability and to agree on a backstop for its bank-rescue fund in June, officials said.

The deal came after 18 months of heated debates among the 28 EU governments on how to apply new global bank capital rules that overhauled financial regulations after the 2007-2009 global crisis.

“The Council (of EU finance ministers) has agreed a general approach on the banking package," said Vladislav Goranov, the Finance Minister of Bulgaria, the country that holds the EU presidency, at a public session of a meeting of EU finance ministers in Brussels.

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