Finance ministers of the European union nations had to conclude a meeting without reaching an agreement on common European Union rules for winding down troubled banks.

The ministers were unable to reach an agreement even after more than 12 hours of talks till early hours on Saturday. The ministers could not agree on an important issue of howmuch power to be given to the national governments on the matter of helping troubled banks survive.

The ministers have agreed to meet again on Wednesday to discuss the matter further. Michael Noonan, the Irish finance minister who presided over the meeting, said that there have been significant progress in the discussions but still some matters needs to be resolved.

The rules are aimed at setting up a mechanism for the depositors and creditors to face losses in case of a bank collapse. The rules will also require national governments to set up national resolution authorities and funds to implement bank restructurings.

The new rules seeks to eliminate bailouts and shift the losses to the private sector.