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George Osborne: Bank rules 'a good deal for EU'

13 December 2012 Last updated at 10:06 GMT

European finance ministers have reached a deal on rules for supervising eurozone banks, ahead of an EU summit.

Around 200 of the biggest banks will come under the direct oversight of the European Central Bank, which will act as chief supervisor of eurozone banks.

Chancellor George Osborne said that the UK, which is not in the eurozone and will not be joining the banking union, has won some protection against being marginalised when key decisions are taken.