3/9/2023 0 Comments European war princess“This flexibility gives banks enough time to adjust to these new rules,” German finance minister Christian Lindner said.Įuropean banks have lobbied hard for a temporary watering down of some of the remaining Basel III features, arguing they already hold enough capital and that higher requirements would crimp lending to the economy.ĮU ministers agreed to delay the roll-out of the final rules until January, 2025 due to economic fallout from COVID-19. “It shows once again our commitment to international standards and multilateral cooperation,” said Valdis Dombrovskis, executive vice president of the European Commission, the EU’s executive body.įinance ministers for Germany and France said the package struck the “right balance”, with Spain adding that it reflected “idiosyncrasies” in Europe’s banking sector. Most of the Basel III, a set of tougher capital rules devised for banks after the global financial crisis more than a decade ago, have already been implemented. “One of our main goals was to avoid impacts on European banks that could reduce their ability to finance the European economy,” Czech finance minister Zbynek Stanjura told a meeting of EU finance ministers on Tuesday. LONDON -European Union member states have backed a temporary watering down and two-year delay to 2025 for the final leg of the globally agreed Basel III bank capital rules, despite the ECB warning they risked “cracking the dyke” that protects stability.ĮU states will now negotiate a final deal with the European Parliament in early 2023, with further changes possible.
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