Under the EU banking union, troubled banks in small countries like Ireland will get the same treatment as those from bigger countries.

The European Union has reached a deal on a major step toward creating a banking union that is meant to stabilise the financial system and make it easier to deal with troubled banks.

Just where the money would come from if there were a big banking crash in the future is still exercising eurozone finance ministers years after pledging to break the link between taxpayers and banks.

RESTRICTIONS on some of the practices blamed for triggering the economic crisis have been put forward by the European Commission as part of a major overhaul package.