By Dow
Jones Business News, March 19, 2013,
11:15:00 AM EDT
The deal
leaves in place most of the main points agreed by European Union finance
ministers in December for how the supervisor should function.
The setting
up of a supervisor is aimed to tighten oversight of the euro zone's 6,000 banks
and to prevent a repeat of the financial crises that have hit the likes of Spain , Greece
and Cyprus
Under a
deal reached by euro-zone leaders last June, once the supervisor is fully set
up by mid-2014, the European Stability Mechanism, the region's bailout fund,
can start directly recapitalizing regional banks. That could break the link
between the sovereign and bank crises that some countries are facing.
"This
is the first fundamental step towards a real banking union which must restore
confidence in the euro zone's banks and ensure the solidity and reliability of
the banking sector," said Michel Barnier, EU internal markets
commissioner.
In an
apparent reference to the banking crisis in Cyprus
"If
banking union were already in place and functioning today, the management of
these difficulties would be considerably easier," he said.
Under the
deal agreed by member states in December and approved by lawmakers Tuesday, the
supervisor will be an agency within the European Central Bank whose decisions
will need final approval by the ECB's governing council.
The
supervisor will take the lead role in supervising the region's largest banks
but national supervisors will continue to police many of the region's smaller
banks as long as they aren't threatening financial stability.
Among the
compromises won by lawmakers is that the European Parliament will be able to
veto the pick of the chair and vice-chair of the new supervisor and start
proceedings to remove the chair of the supervisor if they do a poor job.
The deal
must still be formally approved by member states and a vote of the European
Parliament.
On
Wednesday, lawmakers are expected to reach final agreement with member states
on implementing capital and liquidity rules for the region's banks and setting
a cap on bonuses.
These steps
are key to what the European Commission, the EU's executive hopes will
eventually be a full banking union in the euro zone.
European
Parliament president Martin Schulz welcomed the deal but said the Cyprus crisis
shows policy makers need to move quickly to agree a single resolution mechanism
for stepping in and restructuring or winding down failing banks. The Commission
is committed to proposing a resolution mechanism this year.
"Today's
agreement is a step towards building a banking union," Mr. Schulz said.
"We need such a union to restore economic confidence in Europe
and break the vicious feedback loop between banks and national budgets."
Write to
Laurence Norman at laurence.norman@dowjones.com
Subscribe
to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
03-19-131115ET
Copyright (c) 2013 Dow Jones & Company,
Inc.
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