Financial Services Industry
Industry: Email Alert RSS FeedThis Month: News - Main News - EC Pledges To Amend Banking Directive.(European Commission)
Banker, The, December, 2005
The liberalising European Commission (EC) of President Jose Manuel Borroso has said it will propose wide-ranging changes to article 16 of the banking directive next summer to boost EU cross-border consolidation and prevent the creation of national banking champions through protectionism.
Article 16 was originally designed to safeguard the stability of national financial systems in mergers and acquisitions with banks from other EU member states. In practice, however, it gives national supervisors too much room to veto a foreign takeover - as happened recently in Italy when central bank governor Antonio Fazio helped a local bank to beat ABN Amro in its bid for another Italian bank, although the Dutch bank was ultimately successful.
The EC's initiative,...
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