Commission plans to save taxpayer from other bailouts

A PLAN to ensure taxpayers would never again have to bail out banks has been put forward by the European Commission.

It includes wide-ranging measures including the forced take over of a failing bank, the temporary transfer of its business, getting rid of risky business lines, and giving supervisors powers to replace management.

The aim, Internal Market Commissioner Michel Barnier said, was to ensure that banks could go out of business without bringing down other banks while customers could continue to access their accounts.