Bondholders and large depositors in a failing European bank face losses from the start of 2016, European Union negotiators agreed on Wednesday, in a deal to spare taxpayers from further bailouts.

The law, if approved by EU ministers, will make losses for senior bondholders and large savers a permanent feature of the bloc's response to banking crises and mark another milestone in the reform of an industry that triggered economic turmoil.

It signals a hardening of approach and follows in the vein of the tough treatment earlier this year of big depositors in Cyprus. That country's bailout broke a taboo that savers should be spared when a bank is in trouble.

The agreement to accelerate the introduction of the regime by two years to Jan. 1, 2016 was reached between lawmakers from the European Parliament and negotiators representing EU countries. It now goes to EU ministers for approval next week.

Don't be surprised if it'll be shifted to middle of 2014 later and definition of large deposits sum will be changed to, say, $20000.