European Union law requires the bloc’s 28 countries to have resolution funds as a buffer to prevent public bailouts. REUTERS/Leonhard Foeger
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The biggest euro-area banks will put 2.8 billion euros ($3.2 billion) this year into crisis funds intended to keep taxpayers off the hook for meltdowns in the financial industry. Fourteen German banks are contributing 1.4 billion euros, while five in France will pay 856 million euros and six in Italy 351.3 million euros, their filings show. The fund will initially consist of national compartments that will gradually be merged, starting with 40 percent next year.The 2.8 billion euros those banks have set aside via national funds this year is equal to 5.1 percent of the SRM's target volume.
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