EU leaders call for 1 body to close bad banks

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Associated Press

Posted on December 13, 2012 at 11:32 PM

Updated Friday, Dec 14 at 2:02 AM

BRUSSELS (AP) — European Union leaders are pledging to create a body with the authority to restructure or close down banks in trouble.

The leaders meeting in Brussels said early Friday that such wind-downs should be paid for by money contributed by banks themselves.

The leaders also called for the creation a continent-wide deposit guarantee system.

The commitments come after EU finance ministers agreed to submit their banks to supervision by the European Central Bank — considered an important part of cleaning up the continent's lending sector and ending its financial crisis.

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