EU bank resolution fund must come earlier: ECB official

FRANKFURT, Jan 22 (AFP): A European fund for winding up failed banks must be fully up and running earlier than envisaged, European Central Bank (ECB) executive board member Benoit Coeure said on Wednesday.

"The period of ten years for moving towards a genuinely common SRF (Single Resolution Fund) is too long and should be shortened, possibly to five years," Coeure told an interparliamentary conference in Brussels.

A copy of his speech was made available by the ECB.

The SRF, to be paid into by banks, will gradually become up and running from 2016, but will not be fully operational for years.

By 2026, it should amount to around 55 billion euros ($75 billion).