Letta says banking union deal safeguards small savers

Accounts under 100,000 euros will be safe in any crisis

Letta says banking union deal safeguards small savers

(see related stories) Rome, June 28 - Italian Premier Enrico Letta said Friday that the deal the European Union has reached for a banking union will ensure all small savers are protected from any eventual run on banks. "Accounts under 100,000 euros will be safeguarded in any bank crisis that takes place in Europe," Letta told a press conference in Brussels at the end of a two-day EU summit in Brussels. A pre-summit financial ministers' meeting (ECOFIN) forged a deal to help struggling banks, seen as a platform for a future banking union to help backstop the euro. Letta added that the European Investment Bank had to be strengthened to make it the EU's "arm for the real economy" and that the European Central Bank (ECB) needed to be protected. He said that "in some countries there is morbid attention to the lead role" the ECB has been playing to combat the eurozone crisis, with its pledge to buy the bonds of countries facing soaring borrowing costs if this is needed to defend the euro.

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