Correspondent, Brussels
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Jul 24, 2013

Europe to cut the cost of paying by card

BRUSSELS (Reuters) – The European Commission proposed on Wednesday to cap fees banks charge when processing card payments, potentially cutting costs for shoppers.

The draft legislation will also prevent companies such as airlines, for example, from imposing a surcharge when customers pay for flights using certain cards.

Jul 17, 2013

EU Commission to propose cap on card payment fees

BRUSSELS, July 17 (Reuters) – The European Commission will
propose capping the fees that banks charge to process card
payments, imposing a limit of 0.2 percent on debit card
transactions and 0.3 percent on credit cards, according to draft
legislation seen by Reuters.

The proposal stops short of an outright ban on the fees
banks charge for processing transactions but it will nonetheless
ensure that this cost, which ultimately falls on the card-holder
and consumer, is permanently curtailed.

Jul 11, 2013

Europe, U.S. strike peace on cross-border swap rules

WASHINGTON/BRUSSELS (Reuters) – The European Union agreed with U.S. regulators Thursday on how to jointly supervise foreign derivatives traders operating in their territories, solving a months-long trans-Atlantic rift.

The two sides agreed to rely more on each other’s rules – drawn up to make banking safer after the 2007-09 credit meltdown – and will allow banks some flexibility to get out from under the most cumbersome new oversight.

Jul 10, 2013

EU’s scaled-down agency to shut banks fails to please Germany

BRUSSELS/ BERLIN (Reuters) – The European Commission outlined plans to set up an agency to salvage or shut failing euro zone banks, a long-awaited scheme immediately some criticised as too weak to work and which Germany attacked as out of step with EU law.

Working in tandem with the European Central Bank as supervisor, the new authority is supposed to wind down or revamp banks in trouble. It is the second pillar of a ‘banking union’ meant to galvanise the euro zone’s response to the crisis.

Jul 9, 2013

Europe tempers power of agency to shut troubled banks

BRUSSELS (Reuters) – The European Commission will propose on Wednesday creating an agency to salvage or shut failed banks but its power to clean up the euro zone’s financial sector will be tempered by resistance from Berlin.

Working in tandem with the European Central Bank as supervisor, the new authority will wind down or revamp banks in trouble. It completes the second pillar of a ‘banking union’ meant to galvanize the euro zone’s response to the crisis.

Jul 9, 2013

European rift clouds future of executioner for failed banks

BRUSSELS (Reuters) – A rift in Europe over how best to control its banks has raised a question mark over how far the bloc is willing to go in setting up a new agency to shut stricken banks.

The European Commission, the EU executive, will outline its blueprint for an agency to close or salvage troubled banks on Wednesday – the second pillar of a so-called banking union, chiefly in the euro zone.

Jul 2, 2013

European Parliament set to soften fund manager pay curbs -lawmaker

BRUSSELS, July 2 (Reuters) – European lawmakers are likely
to shy away from demanding strict bonus curbs on fund managers,
a leading lawmaker said on Tuesday, as doubts grow about
replicating planned caps on bankers’ pay.

The move to cap bank bonuses bolstered the legislature’s
standing among European citizens who blamed a bonus-driven
banking culture for the reckless risk-taking that ultimately
triggered the global financial crisis.

Jun 27, 2013

Europe strikes deal to push cost of bank failure on investors

BRUSSELS, June 27 (Reuters) – The European Union agreed on
Thursday to force investors and wealthy savers to share the
costs of future bank failures, moving closer to drawing a line
under years of taxpayer-funded bailouts that have prompted
public outrage.

After seven hours of late-night talks, finance ministers
from the bloc’s 27 countries emerged with a blueprint to close
or salvage banks in trouble. The plan stipulates that
shareholders, bondholders and depositors with more than 100,000
euros ($132,000) should share the burden of saving a bank.

Jun 26, 2013

Euribor faces wind-up as banks distance themselves from benchmark

BRUSSELS/LONDON, June 26 (Reuters) – One of the globe’s
leading financial benchmarks, Euribor, could be phased out and
replaced within a year as a growing number of banks distance
themselves, people familiar with the plans said.

A group of 60 of the world’s top banks will consider this
option and the shape of an alternative benchmark when they meet
with top officials from the European Central Bank in Brussels
early next month.

Jun 26, 2013

EU tries to heal rift on shielding taxpayers from bank bailouts

BRUSSELS, June 26 (Reuters) – The European Union will try on
Wednesday to heal a Franco-German split over sharing out the
costs of future bank failures under a regime to avoid taxpayers
having to fund yet more bailouts.

Finance ministers from the 27 member countries will start
what are likely to be tough talks in the evening after all-night
negotiations in Luxembourg last weekend broke down with Paris
and Berlin at odds on how to impose losses.

    • About John

      "I am a Reuters correspondent in Brussels, writing about the European Union. I moved here last year from Germany, where I had reported about the financial crisis, turning up numerous scoops and even winning a prestigious business reporting award. Beforehand, I worked with The Sunday Times in London."
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