December 18, 2013 / 10:43 PM / 5 years ago

EU ministers reach deal on scheme to close failing banks: diplomats

A European Union (E.U.) flag flutters in front of the monument of Parthenon on Acropolis hill in Athens June 17, 2012. REUTERS/John Kolesidis

BRUSSELS (Reuters) - European Union finance ministers reached an agreement on Wednesday on a blueprint to close failing euro zone banks, paving the way for the completion of banking union to restore investor confidence in the sector.

“There is a deal,” said one EU diplomat, who was following the negotiations.

The ministers agreed to establish an agency and fund to shut down problem banks as soon as the European Central Bank starts to police them next year.

Reporting By Jan Strupczewski, John O'Donnell, Martin Santa and Annika Breidthardt

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