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Search resuls for: "Markets Union"


8 mentions found


☆ ECB rejects banking sector call for lower capital to boost lending
  + stars: | 2023-01-27 | by ( Huw Jones | ) www.reuters.com   time to read: +3 min
REUTERS/Pascal RossignolLONDON, Jan 27 (Reuters) - The European Central Bank (ECB) on Friday rejected calls from Europe's banks to ease capital rules to boost lending and put them on an equal footing with U.S. rivals. "Policymakers should redouble their efforts to complete the banking and capital markets unions," the report said, referring to EU projects to deepen its capital market and create a more competitive cross-border banking market. "The largest global European banks have even slightly lower requirements than their counterparts across the Atlantic," an ECB spokesperson said. "It is also questionable that lower capital requirements would lead to higher lending: what is proven is that low levels of capital lead banks to abruptly reduce lending in a crisis, thus deepening the adverse impact on the economy," the ECB said. The EU is finalising the remaining leg of global bank capital rules that were written in response to the financial crisis, with temporary waivers from some elements in the teeth of ECB opposition.
☆ Ease capital rules on EU banks to boost lending, banking industry says
  + stars: | 2023-01-27 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
Banking regulation is internationally coordinated by regulators, but differences remain in how the rules work in practice, and how they are implemented, the report said. EBF Graphic 2The report said the difference in regulatory-induced costs at EU banks compared with their U.S. peers can explain 0.8-1.0 percentage points of a gap in return on equity, which is a measure of profitability. "Policymakers should redouble their efforts to complete the banking and capital markets unions," the report said, referring to EU projects to deepen its capital market and create a more competitive cross-border banking market. Banks now hold more capital after being bailed out by taxpayers in the 2008 financial crisis. The EU is finalising the remaining leg of global bank capital rules that were written in response to the financial crisis, with temporary waivers from some elements.
☆ Seven EU countries oppose new EU funding as response to U.S. subsidy plan - letter
  + stars: | 2023-01-27 | by ( Jan Strupczewski | ) www.reuters.com   time to read: +3 min
BRUSSELS, Jan 27 (Reuters) - Plans by the European Commission to create new European Union funding for the green industry are facing mounting opposition in the 27-nation bloc, as seven EU countries openly rejected the idea in a letter to the EU executive. The letter, seen by Reuters and dated Jan. 26, was signed by the Czech Republic, Denmark, Finland, Austria, Ireland, Estonia and Slovakia and addressed to the European Commission vice president responsible for trade, Valdis Dombrovskis. All 10 countries say the EU should be using funds already approved instead of seeking more money. But in their letter, the seven countries said the EU should first spend the money it had already agreed to raise through the 800 billion euro post-pandemic recovery and resilience fund (RRF) of grants and cheap loans. "We have to ensure that the economy can better absorb the already agreed EU funding," the seven countries wrote.
☆ EU financial services need shake-up to benefit retail investors, top official says
  + stars: | 2023-01-24 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
[1/2] Mairead McGuinness, EU commissioner of financial services, financial stability and Capital Markets Union speaks during the European Parliament's plenary session in Brussels, Belgium November 23, 2020. This could include the ban on "inducements" or commission as part of efforts to give EU retail investors better value for money. Insurers and banks have already begun lining up to lobby against the potential ban on this sales model, which dominates how retail financial products are sold in the EU. Products sold through inducements are on average 35% more expensive than products sold where no inducements are paid, she said. EU states and the European Parliament would have the final say on any proposal to ban inducements.
☆ EU ramps up moves to limit financial link with post-Brexit London
  + stars: | 2022-12-07 | by ( Huw Jones | ) www.reuters.com   time to read: +3 min
Britain's departure from the EU has forced the bloc to review its reliance on London for clearing trillions of euros in derivatives, EU financial services commissioner Mairead McGuinness said. The draft laws form the latest package in the bloc's efforts to build a capital markets union. The portion that must shift would be decided by EU regulators, but the relocation would be "gradual" and "with the grain" of the market to cut excessive rather than all reliance on London, an EU official said. Banks pushed back against voluntary attempts to relocate euro clearing from London to Frankfurt, leaving the EU with little choice but to mandate the shift. The third draft law seeks to simplify how companies list to save about 100 million euros annually in compliance fees.
☆ We have to work with rest of the world on crypto, EU’s McGuinness says
  + stars: | 2022-12-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe have to work with rest of the world on crypto, EU’s McGuinness saysMairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union at the European Commission, discusses regulation of the crypto assets.
☆ EU readies next steps to boost its capital market
  + stars: | 2022-11-17 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
Mairead McGuinness said there had been good progress in building the EU's capital markets union (CMU) but more needed to be done to ease reliance on banks for funding companies and the economy, and on London post-Brexit for clearing euro denominated swaps. "We are still over-reliant on central counterparties outside the European Union and this is also a matter of financial stability," McGuinness told an event held by the Association for Financial Markets in Europe (AFME). "In the unlikely case of something going wrong, we would not be in the driving seat for decisions, so we want to increase the attractiveness of clearing in the EU," she said. The EU is watching closely steps being taken by Britain to bolster the competitiveness of its financial sector, now largely cut off from the bloc. "We realise that for the size of our economy the capital markets don't reflect that, as we rely very heavily on bank finance and that is not appropriate."
☆ French, German central bank chiefs urge faster pace on EU capital markets union
  + stars: | 2022-11-14 | by ( ) www.reuters.com   time to read: +2 min
PARIS, Nov 14 (Reuters) - The war in Ukraine, inflation and the energy crisis have made it more important than ever to press ahead with a capital markets union to finance green and digital transitions, the governors of the French and German central banks said on Monday. "Europe is at the heart of the crisis: Russia’s war against Ukraine, energy crunch, inflation. France and Germany have been at loggerheads over the last month and have postponed a summit to try and resolve their differences. The two said it was vital that the 2015 capital markets union (CMU) initiative launched by the European Union needed to press ahead for financial stability to foster the geographical diversification of funding sources and by strengthening private sector risk sharing through the development of equity funding. "Completing the capital markets union is certainly a long-distance run.
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