December 16, 2013 / 4:58 PM / 5 years ago

Euro zone bank fund would need ESM backing: Irish finance minister

An illuminated euro sign is seen in front of the headquarters of the European Central Bank (ECB) in the late evening in Frankfurt January 8, 2013. REUTERS/Kai Pfaffenbach

DUBLIN (Reuters) - A proposed European fund to wind down banks is not enough on its own and would need backing from the European Stability Mechanism bailout fund, Ireland’s finance minister said on Monday.

“The conversation, rather than the paperwork, would suggest a fund of maybe 55 billion euros, somewhere in that neighborhood,” Michael Noonan told Reuters.

“I think if it’s supported by an appropriate backstop it would be sufficient, but on its own it wouldn’t. Access to the ESM would be the backstop that would be appropriate.”

Reporting by Sam Cage and Padraic Halpin; Editing by Susan Fenton

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