EU clinches accord on bank wind-down rules

The EU is set to complete the final piece of its ambitious banking union after lawmakers agreed a deal on rules for winding down failed banks.

Bleary-eyed MEPs and ministers announced agreement on a compromise text at around 7am Thursday (20 March) following all-night talks.

The agreement establishes a single regime to wind-down banks alongside a common fund worth €55 billion paid by the banks themselves to cover the costs of resolution. It represents the last big piece of the ban...