FRANKFURT, March 21 (Reuters) - European Union
authorities will never write off bank bonds before shares are
wiped out, whether a bank is being wound down or there are
"private solutions" to rescue it, the European Central Bank's
top supervisor Andrea Enria said on Tuesday.
He was reacting to UBS's rescue of Credit Suisse on
Sunday, which has seen holders of Additional Tier 1 bonds lose
everything while shareholders received $3 billion worth of UBS shares.
"This type of approach would not be feasible under the
European framework and this would be the case of resolution ...
but we as authorities would also apply the same approach in
orchestrated private solutions," Enria said.
(Reporting By Francesco Canepa)
Messaging: francesco.canepa.thomsonreuters.com@reuters.net))
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