The European Union’s bid to set out structure rules for about 30 of the bloc’s largest banks hit an early stumbling block as finance ministers challenged aspects of the plans that they said could harm lending to businesses.
The European Union’s proposals to overhaul bank-capital rules for the region don’t deviate from international agreements reached by the Basel Committee on Banking Supervision, said Jonathan Faull, the EU’s chief financial services official.
Iron Mountain Inc. and Equinix Inc., two technology companies planning to convert to real estate investment trusts, plunged after saying that the U.S. Internal Revenue Service is scrutinizing their eligibility.
In the five months after the U.S. published results of its 2009 bank stress tests, the Standard & Poor’s 500 Financials Index rose 25 percent. Five months after the European Union released its version, the Bloomberg Europe Banks and Financial Services Index is down 4 percent.