EU's tough new line on bank bailouts
The chances of taxpayers ever again having to bail out a failing bank dropped dramatically after EU finance ministers agreed details of a new bail-in regime.
Creditors and shareholders of all banks inside the 27 EU countries, including the UK, will take the first hit in any future crisis.
The rules outline a strict order in which investors and creditors have to join a bail-in with a taxpayer bailout now a last resort.
"For the first time, we agreed on a significant bail-in to shield taxpayers," said Dutch finance minister Jeroen Dijsselbloem.
"That's a major shift from the public means, from the taxpayer if you will, back to the financial sector itself which will now become for a very, very large extent responsible for dealing with its own problems."
The new rules will not come into force until 2018 and ministers have yet to agree whether bank bail-ins should be ordered by individual countries or a single central authority.
Individual savers will still be protected up to €100,000 (£85,000) of savings.