Banks should pay for winding down their failing peers but sometimes taxpayer money may also be needed in this process, European Central Bank Vice President Vitor Constancio said on Tuesday.
- may be a need for “temporary use of public money when, for example, a bridge bank needs to be created
- public money should be in the form “of credit lines that need to be repaid later on
- banks should be the first line of funding for any bank resolution schemes.
- banking union project did not necessarily need to involve a joint deposit guarantee agency from the beginning
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