December 11, 2012 / 1:36 PM / 5 years ago

Sweden unlikely to join EU banking union - Borg

STOCKHOLM (Reuters) - Sweden is unlikely to join a proposed European Union banking union for the foreseeable future, but might not block its creation for other countries if certain safeguards are met Finance Minister Anders Borg said on Tuesday.

Sweden's Minister of Finance Anders Borg presents the government's budget proposal to parliament in Stockholm, September 20, 2012. REUTERS/Claudio Bresciani/Scanpix Sweden

Borg told reporters that Sweden was concerned about voting rights in the European Banking Authority regulator.

“If we get a compromise on that point (voting rights) then we can also accept that others go further with bank supervision by the ECB. If we don’t get clarity on voting rights in the EBA we can also not accept the ECB decision,” he said.

“Sweden can accept that the others go ahead if the voting right rules are sorted out. But we may end up in a situation where the conditions are not such that Sweden can vote yes.”

Reporting by Niklas Pollard and Patrick Lannin

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