Right after Santa arrives and gives everyone all their presents.
- EU supervision operational in 2014.
- EU supervision to cover 6,000 banks, French official says. Germany has agreed the banks to be under unique supervision of ECB, day-to-day supervision could be delegated to national supervisors.
- Direct recapitalization of banks to be a reality in 2013, likely in first qtr for some banks.
- Issues of legacy assets for banks already under state aid to be discussed by December, Germany not opposed in principle.
- One possibility would be to share banks’ legacy assets between states and euro zone rescue funds.
