European
Union ministers of finance makes a renewed attempt to hammer out an
agreement on boosting the amount of capital and liquid assets must be
held by banks in the region after the UK rejected a previous engagement.
Sixteen hours of talks with government draft law earlier this month foundered over how much freedom the national regulators should impose even tougher rules on their banks than those mandated by EU law. The UK and Bulgaria said that the compromises drawn up by Denmark, who holds the rotating EU presidency, will diminish their sovereign rights.
"Very hope we can make a firm decision now because the compromise is well balanced," Danish Economy Minister Vestager Margrethe told reporters before the meeting in Brussels. "We extremely close to an agreement. I think we are almost there."
Government and lawmakers in the 27-nation EU faces a deadline of January to implement the policy bank, which was agreed by the Basel Committee on Banking Supervision in the Wake of the 2008 collapse of Lehman Brothers Holdings Inc.. The proposal, known as Basel III, would more than triple the core capital that banks need to hold 7 percent of their assets, weighted for risk. The Basel agreement should be implemented in countries' laws before they come into effect.'National decision'
The United Kingdom has argued that a proposal presented last year of Michel Barnier, the EU financial services chief, would threaten its ability to regulate the banks by allowing the EU to the national veto moves to force the lenders that hold reserves higher than the Basel minimum.
"What countries agreed at the last meeting is that there is room for national discretion in its truest sense," Vestager said. "We have a majority for the compromise of May 2, the important thing now is to increase that majority."
United Kingdom Chancellor of the Exchequer George Osborne has said he would not accept any interference by the EU with its plan to force some banks to hold reserves at the core of 10 percent of their risk weighted assets.
"This is a time of great uncertainty in the euro-zone economy and uncertainty is undermining the entire European recovery," Osborne said today. "We are reaching the point where we make a decision to see the euro zone stood behind their money. An important part of that ratification of the European banking system and that is what we intend to do now."'Broad Agreement'
Swedish Finance Minister Anders of Borg said that government is needed to reach a unanimous decision on the proposal. The law is very important to agree by majority vote, he said.
"The requirements for a broad agreement is there," Borg said. "Situations that seem too reliable to the best of a good and responsible solution that makes it possible for us to raise our capital requirements rules the way we want."
The final version of the EU's law enforcement must be agreed by the government and lawmakers in the European Parliament.
The parliament yesterday approved its negotiating position. Denmark has called on ministers to settle their disagreements so that discussions can begin meeting soon.
Lawmakers at the conference called for legislation that expanded to include limits on bankers' bonuses and a so-called safeguard clause allowing the region to restore the Basel requirements if other countries do not have to apply them.Tax evasion
"A lot of technical work is done between the last meeting and now," Austrian Finance Minister Maria Fekter said. "We came today and I am very hopeful that commands can be given."
The Basel committee brings together regulators from 27 countries including U.S., UK and China to draw up prudential rules for banks.
Ministers will also seek an agreement on a mandate for the EU to negotiate treaties against tax avoidance savings bank in Switzerland, Liechtenstein, Monaco, Andorra and San Marino.
Talks with the mandate has been hampered by resistance from Luxembourg and Austria, with concerns that the move could threaten their own bank secrecy.
Austria Not Bow to Pressure to loosen banking secrecy rules, said Fekter.
"I am besieged from all sides and you know me: I stand my ground," Fekter said. "We are not going to provide the competitive advantage under pressure from the big countries."Tax decision
Fekter said there was "absolutely no circumstances" under which Austria has agreed to automatically provide foreign depositors' savings income data to their home tax authorities.
Still, she said, Austria will be open to enlarging the scope of EU-wide tax on interest of the law to cover more types of income.
All EU tax decisions require unanimity among the 27 governments.
Other point on the purpose of meeting with the budget talks in 2013 to boosting the EU and European Investment Bank.
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Sixteen hours of talks with government draft law earlier this month foundered over how much freedom the national regulators should impose even tougher rules on their banks than those mandated by EU law. The UK and Bulgaria said that the compromises drawn up by Denmark, who holds the rotating EU presidency, will diminish their sovereign rights.
"Very hope we can make a firm decision now because the compromise is well balanced," Danish Economy Minister Vestager Margrethe told reporters before the meeting in Brussels. "We extremely close to an agreement. I think we are almost there."
Government and lawmakers in the 27-nation EU faces a deadline of January to implement the policy bank, which was agreed by the Basel Committee on Banking Supervision in the Wake of the 2008 collapse of Lehman Brothers Holdings Inc.. The proposal, known as Basel III, would more than triple the core capital that banks need to hold 7 percent of their assets, weighted for risk. The Basel agreement should be implemented in countries' laws before they come into effect.'National decision'
The United Kingdom has argued that a proposal presented last year of Michel Barnier, the EU financial services chief, would threaten its ability to regulate the banks by allowing the EU to the national veto moves to force the lenders that hold reserves higher than the Basel minimum.
"What countries agreed at the last meeting is that there is room for national discretion in its truest sense," Vestager said. "We have a majority for the compromise of May 2, the important thing now is to increase that majority."
United Kingdom Chancellor of the Exchequer George Osborne has said he would not accept any interference by the EU with its plan to force some banks to hold reserves at the core of 10 percent of their risk weighted assets.
"This is a time of great uncertainty in the euro-zone economy and uncertainty is undermining the entire European recovery," Osborne said today. "We are reaching the point where we make a decision to see the euro zone stood behind their money. An important part of that ratification of the European banking system and that is what we intend to do now."'Broad Agreement'
Swedish Finance Minister Anders of Borg said that government is needed to reach a unanimous decision on the proposal. The law is very important to agree by majority vote, he said.
"The requirements for a broad agreement is there," Borg said. "Situations that seem too reliable to the best of a good and responsible solution that makes it possible for us to raise our capital requirements rules the way we want."
The final version of the EU's law enforcement must be agreed by the government and lawmakers in the European Parliament.
The parliament yesterday approved its negotiating position. Denmark has called on ministers to settle their disagreements so that discussions can begin meeting soon.
Lawmakers at the conference called for legislation that expanded to include limits on bankers' bonuses and a so-called safeguard clause allowing the region to restore the Basel requirements if other countries do not have to apply them.Tax evasion
"A lot of technical work is done between the last meeting and now," Austrian Finance Minister Maria Fekter said. "We came today and I am very hopeful that commands can be given."
The Basel committee brings together regulators from 27 countries including U.S., UK and China to draw up prudential rules for banks.
Ministers will also seek an agreement on a mandate for the EU to negotiate treaties against tax avoidance savings bank in Switzerland, Liechtenstein, Monaco, Andorra and San Marino.
Talks with the mandate has been hampered by resistance from Luxembourg and Austria, with concerns that the move could threaten their own bank secrecy.
Austria Not Bow to Pressure to loosen banking secrecy rules, said Fekter.
"I am besieged from all sides and you know me: I stand my ground," Fekter said. "We are not going to provide the competitive advantage under pressure from the big countries."Tax decision
Fekter said there was "absolutely no circumstances" under which Austria has agreed to automatically provide foreign depositors' savings income data to their home tax authorities.
Still, she said, Austria will be open to enlarging the scope of EU-wide tax on interest of the law to cover more types of income.
All EU tax decisions require unanimity among the 27 governments.
Other point on the purpose of meeting with the budget talks in 2013 to boosting the EU and European Investment Bank.
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