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Bank of Portugal sees banking union “glass half-empty”, urges more

Page created: Tuesday, 26 September 2017 14:29 GMT

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Bank of Portugal

LISBON, Sept 25 (Reuters) – The European banking union is still far from being complete and urgently needs additional tools as the single supervision mechanism still lacks robustness to handle any future crises, the deputy governor of the Bank of Portugal said on Monday.

Elisa Ferreira told a conference on risk that the lack of a common deposit insurance scheme was a particular defect and had led to “severe inconsistencies” during the rescue in June of Spain’s Banco Popular.