EU bank-supervision deal 'good news for Ireland': Hayes
Junior Finance Minister Brian Hayes has said last night's deal on the supervision of European banks is good news for Ireland because it provides us with a necessary level of protection.
Brian Hayes said the deal, seen as the first step towards a Eurozone banking union, will allow the European Central Bank (ECB) to take action on banks in trouble, including smaller ones in Ireland.
The deal was hammered out after 14 hours of talks in Brussels between EU finance ministers.
The Taoiseach Enda Kenny is in Brussels this morning to meet other EU leaders to discuss the development.
Minister Hayes described the agreement as "a radical overhaul to what has gone before".
He added: "It sends out a very positive signal that are banking system is going to be protected and supervised in a totally radically different way than has occurred in the past.
"It's good news for Ireland, because we need that kind of protection from a new supervisory power."
