Banking union framework- Important

EU has reached a “pre-deal” on banking union and also designed a framework for dealing with banking insolvencies and a food chain of sorts for who pays in the event of a collapse. Seems like taxpayers are last in  order which is good but depositors are in there somewhere which is not good imo.

In typical EU style all has to be approved etc and will probably not be implemented till 2018 

http://www.ft.com/cms/s/0/9d667e18-debb-11e2-b990-00144feab7de.html#axzz2XOeCFOrm

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