EU Pushes Ahead With Reforms Despite Opposition
Action is progressing on a number of fronts for the European Union even as opposition from countries such as Germany and the U.K. slows progress.
Eurozone Bank Supervision to Start in 2013
A meeting of EU leaders resulted in agreement that the ECB will be at the head of a framework of eurozone bank supervision, and that the structure will be in place by the beginning of 2013.
European Bank Reserves Fall Short of Basel Rule
While EU banks met a target of 114.7 billion euros in capital reserves, according to the European Banking Association (EBA), they would not have met the tougher requirements of the Basel Committee had they been enforced by the end of 2011.
Germany No Obstacle to Oversight: EC Official
The head of the EC's financial services arm said that the EC was confident it could win Germany over on the matter of the ECB overseeing all eurozone banks.
LIBOR Restrictions Under Discussion
The EC has begun discussions with the financial industry to determine a means of subjecting benchmark indices to restrictions that will make them less prone to manipulation.
BoE’s Tucker Will Testify on Barclays, Libor
Paul Tucker, deputy governor of the Bank of England, was to appear before Parliament to give his version of events described in a memo written by Bob Diamond, former CEO of Barclays.
Osborne Challenges Bank Capital Rules
In the wake of a failure to reach agreement on proposed bank capital rules at a meeting of E.U. finance ministers that ended early Thursday morning, George Osborne, the British chancellor of the Exchecquer, was outspoken in his criticism of other ministers’ efforts to reach agreement.
E.U. Bank Capital Deal Fails
Although discussions dragged on till the wee hours of the morning, E.U. finance ministers were unable to put together a deal on toughening bank capital rules.
E.U. Could Trim Bank Bonuses
E.U. banks could soon find themselves regarded in much the same way as power or water companies: entities that keep society functioning but pretty much stay in the background.
EU May Regulate Banker Pay
European Union officials could include in their draft bank capital law measures to limit banker pay, setting in place a specified limit between the highest and lowest paid, as well as instituting a limit on bonuses.