UPDATE 1-Deal on ESM reform reached but details to be clarified -Centeno

Eurozone finance ministers have reached an agreement "in principle" on the reform of the bloc's European Stability Mechanism rescue fund in a meeting in Brussels, the chair of the meeting, Mario Centeno said on Thursday.

"We have reached an agreement in principle on a package of elements related to the ESM reform, and we laid the ground for upcoming decisions to complete the banking union, including the common deposit insurance," Centeno told a news conference. He added, however, that some "loose ends of a legal nature" still needed to be clarified.

That could happen at the next meeting of eurozone finance ministers in January, he said, adding that the reform would then be signed off in the first quarter of next year.