EU decision on support for banks due in November

Cernobbio, Italy: Brussels will say in November if it is to extend support for troubled European banks, but will move more quickly on the troubled Anglo Irish Bank, the EU's competition commissioner said Saturday.

"We are now starting the analysis on what to do beyond the 31st of December," regarding extending the support scheme for banks, Joaquin Almunia told reporters at economic forum in Cernobbio, northern Italy.

"In November maybe we will communicate what will be the treatment of public recapitalisation or treatment of impaired assets with public resources in 2011," he added.

Adapting

"We will need to discuss how to adapt these exceptional regimes to the new circumstances."

In June, the Commission extended plans to support banks in the member states that were hit by the economic crisis until the end of this year, provided that the countries concerned also contributed some funding.

On the question of a further two billion euro payment (Dh9.4 billion) to Ireland's struggling Anglo Irish Bank, Almunia said: "I will be in a position to communicate publicly a decision in the coming weeks."