The liquidation of Cyprus’ Olympic Insurance, largely unnoticed on the island, is sending shockwaves through Bulgaria as it has left almost 200,000 policyholders with no coverage, causing a serious political crisis.
EU legislators have proposed extending the European Supervisory Authorities’ (ESAs) powers to include checking the financial institutions’ investment portfolio alignment with the Paris Agreement on climate change.
The European Parliament will stand firm against Britain's attempt to limit proposals designed to curb bankers' bonuses and the powers of the European Banking Authority, an influential MEP told EURACTIV.
Rules designed to beef up bank capital in the wake of the financial crisis were agreed by EU finance ministers in Brussels yesterday (15 May) after the UK won a concession enabling it to preserve control for national supervisory authorities.
British Chancellor George Osborne is set for a showdown or climb-down with his EU counterparts today (15 May) as finance ministers meeting in Brussels seek to push through capital requirements proposals against opposition from the UK and Bulgaria.
Britain's George Osborne accused fellow EU finance ministers of trying to water down Europe's bank capital rules and said this would make him "look like an idiot", as talks about a law to stop another financial crisis unravelled in Brussels.
The Danish EU presidency plans today (2 May) to seek agreement on compromise measures designed to beef up capital requirements on 8,300 banks across Europe, as finance ministers meet for a special meeting in Brussels.
Germany stands ready to help recapitalise its banks if necessary, German Chancellor Angela Merkel said yesterday (5 October), providing relief to financial markets amid speculation that policymakers were working on plans to boost bank capital to contain the euro zone debt crisis.
The EU will today (20 July) unveil new rules requiring banks to have three times as much capital on their balance sheets. Banks are eyeing the new rules with caution, while some governments warn that the requirements may be too tough.
Bankers' bonuses in the EU could be capped at 30% of their salaries, rising to as much as 20% for higher salary bands, according to a possible deal struck by MEPs and EU member states late on Tuesday evening (29 June).