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EU's Rehn: Big depositors could suffer in future bank bailouts under new law
Big bank depositors could take a hit under planned European Union law if a bank fails, the EU's economic affairs chief Olli Rehn said on Saturday, but noted that Cyprus's bailout model was exceptional. "Cyprus was a special case ... but the upcoming directive assumes that investor and depositor liability will be carried out in case of a bank restructuring or a wind-down," Rehn, the European Economic and Monetary Affairs Commissioner, said in a TV interview with Finland's national broadcaster YLE. "But there is a very clear hierarchy, at first the shareholders, then possibly the unprotected investments and deposits. ... (full story)
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