CaixaBank, Santander Say Financial Turmoil Stresses Need for European Banking Union
31 3월 2023 - 8:47PM
Dow Jones News
By Pierre Bertrand
CaixaBank SA and Banco Santander SA said Friday that the recent
turmoil in the financial sector highlights the need for a European
banking union.
CaixaBank Chairman Jose Ignacio Goirigolzarri said during the
Spanish bank's annual general meeting that the process of forming
the union must be completed and that the creation of a European
deposit guarantee needs to be accelerated.
"I believe it is vital to speed up the creation of the European
deposit guarantee fund as a means to avoid any feedback loop
between bank risk and sovereign risk, which is the ultimate
objective of the Union," Mr. Goirigolzarri said.
It is a stance Spanish peer Santander echoed Friday during its
annual general meeting.
"This would be the best response to Europe's challenges, which
would contribute to generating greater confidence, and would be a
solid base to attract investment needed for growth," Santander
Executive Chair Ana Botin said of the banking union and deposit
guarantee fund.
The banking union emerged in the wake of the 2008 financial
crisis to form a single rule book for the European Union's
financial sector. It led to the establishment of both a single
supervisory and a single resolution mechanism for euro-area banks,
according to the EU Commission's website.
A common system for deposit protection, however, hasn't yet been
established, the commission's website says.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
March 31, 2023 07:32 ET (11:32 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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