LUXEMBOURG (AP) — European Union finance ministers have approved the creation of a centralized banking supervisor for the bloc.
The European Central Bank will operate the new supervisor who will directly oversee the bloc's 130 biggest banks.
The so-called single supervisory mechanism is due to be operational late next year after assessing European banks' balance sheets to identify possible capital shortfalls. If the supervisor finds that a bank needs help, a bank rescue authority would step in to unwind or prop up ailing lenders.
However, EU finance ministers remain far from agreement on how to design and fund a bank rescue authority.
The aim of the EU's banking union is to make sure that a bank failure in one country does not threaten to overwhelm an individual state and, in turn, threaten the wider region's stability.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Police say they had the wrong man, and that Jerome Thagard, who spent four years in prison, didn't murder Steven Northrup in 2009. But the victim's family says otherwise.
A Good Samaritan died Wednesday while trying to assist the driver of a tractor trailer who got stuck in the snow.
A 26-year-old male employee of Ying's Wings and Things told police that Haibo Jiang, also known as Jimmy Ying, choked him until he passed out.
It was so treacherous in North Collins, the mayor had to issue a travel ban, and village snow plows were pulled off the roadways to keep drivers from trying to plow in zero visibility.
The Buffalo School Board unanimously approved plans to transform Burgard High School into a Manufacturing Magnet School on Wednesday,
Investigators are making progress in the case of a Chihuahua thrown in a ditch while zipped up in a Coors Light thermal bag.