EU chief Daniele Nouy: Some banks 'have no future' need to 'disappear in orderly fashion'
Monday 10 February 2014
The new head of banking regulation in the eurozone, Daniele Nouy, has warned that some banks have no future and should be allowed to go under.
Nouy, head of the new Single Supervisory Mechanism that will oversee banks in the euro area, said she agreed with European Central Bank head Mario Draghi that the forthcoming health check on the region’s biggest lenders would have to fail some banks.
“We have to accept that some banks have no future,” she told the Financial Times. “We have to let some disappear in an orderly fashion, and not necessarily try to merge them with other institutions.”
She also indicated that she wants to weaken links between governments and eurozone banks by demanding banks hold capital even against sovereign bonds. She said: “One of the lessons of the current crisis is that there are no risk-free assets, so sovereigns are not risk-free assets.”
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