ECOFIN Ministers back new rules on cross-border banking deals - source |
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Tue, 27 Mar 2007 11:31
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BRUSSELS (AFX) - EU finance ministers have backed European Commission proposals for reforms to the EU directive on cross-border mergers and acquisitions between banks, which will make it more difficult for national regulators to block such deals, a source said.The proposed new directive amends existing rules on the role of national regulators in the sectors and clarifies the criteria against which supervisors should assess possible acquisitions.Speaking last year, EU internal markets commissioner Charlie McCreevy said 'These new rules mean that supervisory authorities will have to be clear, transparent and consistent when assessing cross-border mergers and acquisitions. They leave no room for political interference or protectionism'.The measures are seen as a response to events in 2005, when the EU took legal action against Italy over the involvement of its central bank in the takeover battle for Banca Antonveneta SpA.victoria.main@afxnews.comvm/sljCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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