A new system to supervise banks in the euro zone will be up and running from March 1, 2014, German Finance Minister Wolfgang Schaeuble said on Thursday.

"We have reached the main points to establish a European banking supervisor that should take on its work in 2014," he told reporters following more than 14 hours of talks in Brussels, adding its job should start on March 1.

Schaeuble said legislation for the bank supervision led by the European Central Bank would be finalized following talks with the European parliament by February 2013, leaving the ECB one year to prepare for its new task.

(Reporting by John O'Donnell; editing by Robin Emmott)