EU talks on failing banks break down

European Union talks on how to assign losses at failing banks broke down as conflicts on "core issues" doomed 19 hours of talks in Luxembourg.

Finance ministers plan to reconvene on June 26 in search of an agreement on proposed rules for bank resolution and recovery in time for an EU summit that begins the following day in Brussels.

"There are still core issues outstanding," Irish Finance Minister Michael Noonan said as he left the meeting on early Saturday. "We have another meeting next (this) week and there's no guarantee it'll reach a conclusion."