EU reaches political deal on banking reform, few issues still open- Austrian finmin

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BRUSSELS, Dec 4 (Reuters) - European Union finance ministers reached a political agreement on Tuesday on a major reform of banking rules that set the level of buffers banks must raise to absorb losses and introduce new capital requirements to strengthen financial stability.

The deal now needs to be finalised in talks later on Tuesday with the European Parliament, Austrian Finance Minister Hartwig Loeger said at the end of a ministerial meeting he chaired in Brussels. (Reporting by Francesco Guarascio; Editing by Alison Williams)