News Summary: EU OKs joint banking supervisor

(AP) - SEEKING STABILITY: European Union officials on Tuesday approved the creation of a centralized banking supervisor, marking another step in the 28-country bloc's long quest to stabilize its financial system.

FINAL HURDLE: Finance ministers at a meeting in Luxembourg cleared the final legal hurdle to the establishment of the new banking supervisor, which will be operated by the European Central Bank and directly oversee the bloc's 130 biggest banks.

NOW HIRING: The so-called single supervisory mechanism will be based with the ECB in Frankfurt, Germany, and will start recruiting about 1,000 new staff. It is due to be operational late next year after assessing European banks' balance sheets through a stress test that will identify possible capital shortfalls.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • Uber Upset
    Jason Rantz pokes holes in driver's discrimination claim against Uber

  • The Principal's Office
    Somebody's in trouble - lawmakers have to face the State Supreme Court for a lack of action
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know a student who stands out in the classroom, school and community?
Help make their dreams come true by nominating them for a $1,000 scholarship and a chance to earn a $10,000 Grand Prize. Brought to you by KIRO Radio and Comprehensive Wealth Management.

Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.