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European banking union may not be finalised

The European Parliament president Martin Schulz has warned that it may not be possible to finalise the legislation created to deal with Europe's problem banks.

He revealed that the differences between negotiators remain deep, meaning the scheme may not be signed off in the near future.

Negotiations between the parliament and EU member states have run into difficulties, raising doubts about the early start of the scheme.

Mr Schulz hit out at countries in the EU for creating a set-up that is "unworkable".

In the two-page missive to commission president Jose Manuel Barroso, Mr Schulz flagged "substantial discrepancies between the ... positions of the parliament and the (EU countries)".

By setting up a system to shutter troubled lenders, Europe will equip the European Central Bank with a means of dealing with troubled financial institutions.

According to Reuters, Sven Giegold, a German member of parliament involved in the talks, said that the proposed scheme for shuttering banks was "so complicated ... that it is neither fair nor efficient".

By Asim Shah