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EU says ESM bailout mechanism could fund banks directly

October 12, 2012 Ansa
The European Union has said on Friday that the European Stability Mechanism (ESM), a permanent bailout fund aimed at helping euro nations control the costs of public borrowing, may be able to provide direct funding to banks when a supervision mechanism for the sector has been set up.

The information was contained in an interim report drawn up by European Council president Herman Van Rompuy. ANSA has obtained a copy of the report.

Germany's Constitutional Court in September ruled that the country could participate in the ESM, considered to be an important pillar of support for the European Central Bank's plan to purchase sovereign debt in aid of struggling eurozone members. The ECB plan foresees the ESM will only buy debt at auction and the ECB in the secondary market.