September 29, 2017 / 8:57 AM / 10 months ago

EU needs backstop for bank rescue fund - banking watchdog Koenig

BRUSSELS, Sept 29 (Reuters) - A backstop for a European Union bank rescue fund is needed to increase financial stability, the head of an EU banking watchdog said on Friday.

“We are working on a backstop and we need a backstop,” for the Single Resolution Fund (SRF), the chair of the Single Resolution Board Elke Koenig told a conference.

The fund, which is funded by banks, already has a capacity that is reassuring, Koenig said, but warned that a backstop for the fund would be needed to address possible major banking crisis. (Reporting by Francesco Guarascio @fraguarascio; editing by Foo Yun Chee)

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