THE EU’s financial system is to have a comprehensive new supervision system in force from next January, aimed at preventing another financial crisis.

CENTRAL Bank governor Patrick Honohan has expressed his confidence in AIB and Bank of Ireland meeting their end of year post-NAMA funding requirement targets and, thus, passing their current EU stress tests – the results of which are due at the end of next week.

A NEW watchdog system to identify and give early warnings of banking problems across the EU has been unveiled by the European Commission.

British Prime Minister Gordon Brown is mounting a defence of the City of London against plans for legally-binding EU financial supervision in the wake of the economic crisis.

European Commission President Jose Manuel Barroso today stepped up pressure for an EU summit deal this week on sweeping EU supervision of banks and financial bodies.