A pre-release copy reported by our friends at Livesquawk

It concludes:

During the financial crisis, most euro area governments provided financial

assistance to financial institutions with the aim of safeguarding financial stability and preventing a credit crunch.

Accumulated gross financial sector assistance measures amounted to 8% of euro area GDP, of which only 3.3% has been recovered. The fiscal costs of the financial assistance measures over the period 2008-14 caused the euro area budget balance and debt to worsen by a cumulated 1.8% and 4.8% of GDP respectively

For the euro area as a whole, the financial sector support explains only a small part of the sharp increase in general government debt since the start of the crisis, while for some individual countries the impact on government debt has been substantial. Euro area countries used a variety of support measures, including bank recapitalisations, the provision of government loans, the acquisition of impaired assets, bank nationalisations and the granting of government guarantees.

These measures impact recorded government debt and deficits to different extents. The size of these assistance measures is very heterogeneous across euro area countries. The interventions' overall recovery rate is on average relatively low by international comparison. However, the recovery process is still ongoing. To complete the picture, it is also important to take the fiscal risks related to financial sector support into account, which mainly include the remaining government guarantees granted (amounting to 2.7% of euro area GDP at the end of 2014) and the potential losses (or possible holding gains) of asset management vehicles.

Looking ahead, it is important to secure financial stability while limiting taxpayers' involvement.This requires in the first instance reducing the likelihood that financial institutions will face severe balance sheet problems. Much has already been achieved in tightening banking legislation, strengthening banking supervision, and should financial institutions indeed face problems, having the appropriate resolution instruments at hand. One important way to reduce the potential fiscal costs of financial assistance measures is to ensure an appropriate contribution by private shareholders and bondholders.

Indeed, the EU Capital Requirements Regulation and Capital Requirements Directive IV and the newly created Single Supervisory Mechanism will enhance the resilience of the banking sector and should help prevent the build-up of severe problems on banks' balance sheets which could ultimately result in a severe banking crisis. In addition, the EU Bank Recovery and Resolution Directive and the Single Resolution Mechanism will ensure private sector involvement ahead of government assistance. Taken together, these key pillars of the European banking union should ensure that the risk of additional taxpayer support gradually diminishes

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