Regulation Correspondent, Europe
Huw's Feed
Oct 14, 2013

IASB accounting body rejects EU parliament’s funding conditions

LONDON (Reuters) – The group which writes global accounting rules said the European Parliament was threatening its independence by calling for a fundamental change to the way it sets standards, and linking it to future funding.

The parliament wants the International Accounting Standards Board (IASB) to include a specific reference to “prudence” in its basic tenets, to put pressure on accountants to err on the side of caution when scrutinising losses at banks.

Oct 14, 2013

Accounting body rejects cash conditions from EU parliament

LONDON (Reuters) – The group which writes global accounting rules said the European Parliament was threatening its independence by calling for a fundamental change to the way it sets standards, and linking it to future funding.

The parliament wants the International Accounting Standards Board (IASB) to include a specific reference to “prudence” in its basic tenets, to put pressure on accountants to err on the side of caution when scrutinizing losses at banks.

Oct 9, 2013

Britain creates watchdog to shake up banking payments system

LONDON, Oct 9 (Reuters) – Britain is to set up a new
regulator to prise open the privately-owned payments system and
cut the cost for new entrants to take on big high street banks.

The “utilities style” regulator will have a core aim of
increasing competition in a sector that handled 17.5 billion
non-cash payment transactions last year, the finance ministry
said in a statement.

Oct 9, 2013

Regulators map out first capital blueprint for insurers

LONDON (Reuters) – The world’s top insurers could be forced to raise fresh capital under rules proposed by regulators on Wednesday, echoing measures imposed on the banks to try to avert the risk of another financial crisis.

The insurance industry say it wasn’t to blame for the havoc resulting from reckless bank lending, yet events at AIG (AIG.N: Quote, Profile, Research, Stock Buzz) – which had to be rescued by the U.S. government in one of the biggest-ever bailouts – showed risks can lie outside the banking sector.

Oct 9, 2013

Government launches home loan guarantee plan as property prices climb

LONDON (Reuters) – The government kicked off a flagship scheme on Tuesday to help people get on the property ladder, defying critics who believe the mortgage guarantees could fuel another housing bubble as the country’s economy picks up speed.

Hours before the government launched “Help to Buy,” a survey suggested British house prices were rising at their fastest pace in 11 years. Also on Tuesday, the International Monetary Fund sharply raised its forecasts for economic growth in Britain.

Oct 8, 2013

EU lawyers warn of limits in building banking union

LONDON/BRUSSELS, Oct 8 (Reuters) – European Union lawyers
have raised concerns about proposals for banking union, warning
that plans aimed at drawing a line under years of financial
crisis could fall foul of EU law.

In an opinion issued this week and seen by Reuters, the
legal service of the European Council said EU law would only
allow limited powers to be given to an agency to close or
salvage troubled banks, potentially undermining a central
element of the scheme.

Oct 8, 2013

Exclusive: EU lawyers warn of limits in building banking union

LONDON/ BRUSSELS (Reuters) – Parts of Europe’s proposals for a banking union may fall foul of European Union law, lawyers have said in a fresh setback to plans aimed at strengthening the financial system after the debt crisis.

The opinion from the European Council’s legal service is a blow to efforts to break the link between indebted European countries and their banks via the creation of a banking union that would jointly deal with stressed lenders.

Oct 8, 2013

Britain launches home loan guarantee plan as property prices climb

LONDON, Oct 8 (Reuters) – Britain launched a flagship scheme
on Tuesday to help people get on the property ladder, defying
critics who believe the state-backed mortgage programme could
fuel another housing bubble.

“Help to Buy” was launched hours after a survey suggested
British house prices were rising at their fastest pace in 11
years.

Oct 8, 2013

Britain launches mortgage guarantee plan, sets out rules for banks

LONDON, Oct 8 (Reuters) – Britain launched a flagship
programme to help people buy their own homes on Tuesday,
offering banks the chance of providing high loan-to-value
mortgages without having to set aside punitive amounts of
capital.

The scheme, which allows home-buyers to put down a deposit
of as little as 5 percent, has raised fears that housing prices
may be heading for a new boom-bust cycle.

Oct 7, 2013

Proposed agency to close failing EU banks would violate treaties: document

LONDON (Reuters) – A proposed agency with sweeping powers to close failing banks in the European Union would violate the bloc’s founding treaties and must have its authority narrowed or shared with a core EU institution, a legal document showed on Monday.

The so-called single resolution mechanism was proposed by the EU’s executive European Commission in July and is a central plank in efforts to stabilise the region’s banking system.

    • About Huw

      "Huw is based in London and covers European regulatory issues and global rulemaking bodies such as the G20, Financial Stability Board, IOSCO, IASB and the Basel Committee. He has covered EU regulation in Brussels, the emergence pan-European stock markets, and has also been a Wall Street reporter in New York."
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