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Jorg Asmussen, from the ECB, outlined the following hierarchy for participation of banking resources: shareholders, junior creditors, senior uninsured creditors and only as a last resort the unsecured depositors. The insured depositors should in all cases be protected. ECB warned, however, that the order should not be applied mechanically and the respective bodies should be given the possibility to take into account financial stability and macro economic consequences. Besides, ECB believes that the directive should enter into force from January 1st 2018, as the Commission proposes.
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