June 6, 2012 / 10:52 AM / 6 years ago

ESM funds for Spanish banks should be considered-EU's Barnier

BRUSSELS (Reuters) - The European commissioner in charge of financial regulation, Michel Barnier, called on Wednesday for serious consideration of the use of the euro zone’s permanent rescue scheme, the European Stability Mechanism, to directly recapitalise banks in Spain.

“If you are asking: will the European Stability Mechanism intervene to recapitalise Spanish banks directly, well you know it’s not possible, not today,” Barnier said, answering questions from journalists at a news conference.

“Though, as Olli Rehn has said, that’s a possibility which must be seriously considered for the future,” he said, referring to the EU’s economic and monetary affairs commissioner.

Reporting By John O'Donnell and Luke Baker; editing by Robin Emmott

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