Make it your homepage |   E-mail: Subscribe Unsubscribe

Credit Suisse Announces April Monthly Coupon Payments of $0.1764 per ETN


Friday, April 18, 2014
News Making Money

EU banks want delay for new rules: letter

26/11/2012 02:20 (508 Day 13:16 minutes ago)

The FINANCIAL -- European banks have asked EU Internal Market Commissioner Michel Barnier and other European Union leaders to postpone Basel III regulations aimed at strengthening the financial sector in view of a similar US decision which the banks say would put them at a disadvantage.

ADVERTISEMENT

 

"I ask the participants to take into account the problem of an unlevel playing field created by this US decision," said Christian Clausen, head of the European Banking Federation (EBF), in a letter to Barnier

Clausen called for the authorities to decide on the final package for the European Union "accordingly by considering the postponement of the entry into force of the CRR/CRD IV until 1 January 2014."

As EUbusiness announced, he referred to an EU directive detailing implementation measures of what are known as the Basel III regulations which were drawn up to make banks better able to withstand financial shocks.

The EBF letter was addressed to the EU Commission, but similar ones were also to be sent to the European Council and the European Parliament, the three poles of EU power which aim to begin implementing Basel III regulations on January 1.

The regulations were drafted in the wake of the 2007-2009 global financial crisis, and require financial institutions in particular to hold larger amounts of liquid reserves as a buffer against future crises.

In theory, the rules are to be progressively implemented by banks worldwide beginning in January, but US authorities said on November 9 that they were postponing application there indefinitely.

"I urge you to consider the possibility to mirror the US Authorities understanding for the practical implications of compliance of the new rules by setting a realistic entry into force date of the new obligations for Europes banks," Clausen wrote.

When it announced the US position, the US Federal Reserve pointed to a Basel III regulatory capital rule and underscored concern by the US financial sector that it would not have "sufficient time to understand the rule or to make necessary systems changes" by January 1.

Clausen said: "We are now very troubled over the possible repercussions that the most recent statement from the US Authorities may have for the international competitiveness of Europes banks."

While European banks could soon face constraints with respect to their capital requirements, liquidity buffers, leverage ratios, resolution regimes and structural changes that would split off wholesale banking activities, "our US competitors will not have matching obligations imposed on them in parallel, or in a foreseeable future," the EBF head explained.

 

 

Make Your Comment

Add NewSearchRSS
Only registered users and facebook social network members can write comments!

This text is replaced by the Flash movie.
This text is replaced by the Flash movie.
Politics
Parliament issues strong call for EU lobby transparency register to become mandatory

16/04/2014 16:53 (1 Day 22:43 minutes ago)

The FINANCIAL -- The report approved by MEPs gives an important signal to the European Commission that a far more ambitious approach is needed to secure genuine lobby transparency in the EU, according to EUbusiness Ltd.

Read more...



TRAVEL BIZ »
PRESS RELEASES »
FINANCIAL »
UKRAINE »
GEORGIA »
WORLD »
BANKS »
BUSINESS »
TECH »
MARKETS »
B SCHOOLS »
SPECIAL REPORTS »

Markets
Attack of the Clones: New Kids on the Block Shake Up CEE Consumables Space

12/04/2014 16:44 (5 Day 22:52 minutes ago)

The FINANCIAL -- Thriving sales of cheap new-build compatible products are having a profound impact on the CEE printer and MFP consumables market, according to global market intelligence firm International Data Corporation (IDC).







Developed by Aleksandre Chiabrishvili

Design built by Creo Group