European Commission (EC)
European Parliament claims substantive agreement on EU bank resolution legislation
Vote on legislation for harmonised recovery and resolution processes postponed till May, but European Parliament says it has reached agreement on all the main points
EC to fight new US prudential rules for foreign banks, says EBF
EC "very concerned" about capital and liquidity proposals, says chief executive of the European Banking Federation
EU and OECD say weak supervision shares blame for Slovenia's impending bank crisis
European Commission follows OECD in highlighting Slovenia's 'excessive imbalances'; both bodies call for improved supervision from the central bank
European legislators agree sweeping rules for banking sector reform
European Parliament and Commission agree CRD IV package to tighten capital rules, increase bank transparency and curb bankers' bonuses
EC and FDIC team up to tackle G-sifi resolution
European Commission and Federal Deposit Insurance Corporation establish working group to co-ordinate G-sifi resolution efforts
Eurozone recession to last through 2013, say new EC forecasts
EU researchers revise 2013 GDP growth forecasts down from +0.1% to -0.3%; inflation to fall to 1.5% this year, putting pressure on ECB for further easing
Draghi wants variable NAV for all European MMFs
European Systemic Risk Board – chaired by ECB president – demands changes to the way money market funds present asset value, but industry body slams recommendations
European Commission sets out detailed Tobin tax proposal
Proposal would tax most transactions at 0.1% and derivatives at 0.01%; belt-and-braces approach to clamp down on tax avoidance draws fire from US financial lobby
Banks could be forced into Euribor submission
European Commissioner Michel Barnier says banks could be compelled to take part in rate-setting process under new legislation
EC buttresses anti-money laundering defences
European Commission toughens line on money laundering, proposing new rules to cope with estimated $580 billion laundered in the global financial system in 2009, with just 0.2% intercepted
Barnier still examining ‘where to draw the line' on bank ring-fencing
Commission spokesman admits tension between maintaining competitive banks that can still finance economic growth and eliminating risks remaining in the European banking system
Bank of Finland's Erkki Liikanen on bank separation in Europe
Bank of Finland governor, Erkki Liikanen, tells Christopher Jeffery why he believes the separation of ‘risky’ activities at banks represents the third leg to ensure financial stability in Europe
Legal traps facing the ECB
The European Central Bank is set to gain supervisory powers over the continent’s banks via the single supervisory mechanism. René Smits explains the practical issues linked with the banking union
EC gives go-ahead for Spanish recapitalisation plans
European Commission says recapitalisation and resolution plans for four Spanish banks under Frob control do not violate state aid rules; paves way for capital injection in early December
Basel Committee reports slow progress ahead of G-20 meeting
Report submitted to G-20 leaders ahead of summit shows just six of 29 systemically important banks are likely to be subject to Basel III rules when deadline is passed
Draghi wants European veto over national budgets
ECB president Mario Draghi says he supports German proposal that would centralise European sovereignty; believes divide with Bundesbank president can be overcome
Hungarian government abandons central bank transaction tax
Hungary’s minister for the national economy says transaction tax will not be applied to central bank following pressure from European authorities and the IMF
Liikanen review calls for ring-fencing of banks’ investment arms
Report on reforming structure of EU banking system recommends separating investment arms from retail operations for banks with large trading operations
European Commission criticises Basel Committee findings
Assessment report finds EU and US ‘materially non-compliant’ with some areas of Basel framework; European Commission questions report’s methodology and use of evidence
Banks could cut bail-in risk, says BoI capital head
Banks could issue more subordinated debt to protect senior creditors from the threat of a bail-in – in theory. But Bank of Ireland capital head says market is too thin
European Commission divulges banking oversight proposals
ECB at the heart of the new single supervisory mechanism; EBA given the task of developing a handbook to ensure coherence in banking supervision across member states
Draghi pulls out of Jackson Hole speech
President of the ECB stays in Europe on account of his “heavy workload”; statement comes shortly before plans for single banking supervision mechanism announced for eurozone
Troika maintains pressure on Greece
Officials from the European Commission, ECB and IMF will return to Greece in September to check on reform progress; central bank chief reportedly tells government the country is being 'defamed'
Euro group agrees on single banking supervisory mechanism
Umbrella supervision body 'run by ECB' to be established; exhausted EC president refuses to discuss details of plan to directly recapitalise European banks