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Lithuania is not happy with terms of joining European bank monitoring scheme

Ingrida Šimonytė
Juliaus Kalinsko / 15min nuotr. / Ingrida Šimonytė
Šaltinis: BNS

The conditions proposed for countries outside the euro zone to join the institution monitoring of banks in the euro zone are unattractive, Lithuania's Finance Minister Ingrida Šimonytė has said at an informal meeting of European Union (EU) finance ministers in Cyprus.

The proposal to work out a common bank monitoring mechanism is high on the agenda of the Cyprus meeting. According to the bid, banks in the euro zone will be monitored by a single institution – the European Central Bank.

"At first glance, the terms and conditions do not seem attractive at all for any country outside the euro zone to join the system. Please agree that it would be rather odd to join some mechanism where you have no right to vote, however, you tax-payers have to live with the consequences, including the financial ones, of these decisions," Šimonytė told Lithuania's national radio.

"Indeed, all these questions should be answered in a clear manner, things should be very clear. And this will definitely determine the willingness or unwillingness of countries outside the euro zone to join the mechanism," she said.

Šimonytė said the Lithuanian government would not present its decision on joining the new scheme before seeing the final offer of the European Commission (EC).

The European Commission unveiled its proposals for a European banking union on Wednesday.

In the proposed single supervisory mechanism (SSM), the ECB will have the ultimate responsibility for specific supervisory tasks related to the financial stability of all euro area banks, while national supervisors will continue to play an important role in day-to-day supervision and in preparing and implementing ECB decisions.

The EU's executive body proposes to have the SSM in place by 1 January 2013, envisaging a one-year phasing-in period.

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