EU measure on banks may be scrapped
Print Edition
THE European Union may ditch plans to force banks to keep high-risk trading activities separate from their main businesses because of opposition from some member states.
European commissioner Jonathan Hill said in a letter to senior commissioner Frans Timmermans there was a need to see how much progress could be made on the plan to force banks to separate out risky trading to avoid contagion and shield customer deposits if things go wrong.
The controversial measure has become stuck amid concerns among some member states and the European Central Bank that it could harm market-making in securities that help raise funds for the economy.
Britain, Germany and France, which represent much of the bloc’s banking assets, are already introducing similar, national measures.
Scrapping the EU plan “could be an option next year if member state support does not pick up,” Hill said in the letter. A revision of occupational pensions rules, which has also languished, could also be scrapped.
“I have concluded that it would be premature to withdraw either proposal now,” Hill said.
The European Parliament has often taken a harder line on banks and would likely oppose scrapping the draft law outright.
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