Othmar Karas News
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European Union finance ministers neared an accord on a wide-ranging plan to strengthen bank capital requirements as they wrangled with U.K. Chancellor of the Exchequer George Osborne over proposed curbs to bankers’ bonuses.
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Bankers in the European Union, who already have the toughest bonus curbs in the Group of 20 nations, may face even stricter pay limits under a draft deal to bolster lenders’ capital requirements and rewrite the bloc’s financial industry rulebook.
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European plans to levy the world’s toughest bonus restrictions on bankers drew condemnation in London as the industry warned it may backfire as firms raise fixed pay instead.
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The European Union must press ahead with global bank capital standards to avoid fresh delays and to give certainty to lenders that must abide by the overhaul, the bloc’s financial services chief said today.
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The European Union failed to seal a deal on Basel bank rules after disagreeing on bonuses, capital requirements for big lenders and disclosure of profit and tax at talks in Brussels yesterday.
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The European Parliament lawmaker leading the work on the Basel rules said banks should fully comply with liquidity standards starting in 2018, one year ahead of the schedule agreed on last month by global regulators.
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The Justice Department decision to sue Standard & Poor’s has investors asking why Moody’s Investors Service and Fitch Ratings weren’t targeted for awarding the same top grades to troubled mortgage bonds and other debt securities.
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European Union nations will seek compromises on bank bonus curbs and capital surcharges in a bid to advance talks on applying Basel rules to the bloc’s lenders.
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Banks in the European Union may need to comply with an international liquidity rule before competitors in other parts of the globe as part of a deal on how the bloc should implement Basel banking standards.
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Lawmakers won’t cave in to pressure from governments to scrap a proposed ban on bankers getting bonuses worth more than double their salaries, the European Parliament’s chief negotiator on the compensation curbs said.
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