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EU Bankers Bristle Against ‘Unjustified’ Proposed Structural Changes

Roberta Holland | January 14, 2015

Bankers in the European Union say proposed structural reforms floated by EU lawmakers are “unnecessary and unjustified,” and were buoyed last week by reservations expressed in a draft report to European Parliament’s economic committee.

The proposed Bank Structural Reform, put forward a year ago, targets the largest, most complex banks by seeking to prevent them from engaging in proprietary trading or requiring those banks in some cases to separate “potentially risky trading activities” from their deposit-taking business. At the time, then Internal Market and Services Commissioner Michel Barnier called the proposal “the final cogs in the wheel to complete the regulatory overhaul of the European banking system,” and necessary to prevent differing national strategies from creating “fault lines” in the new banking union.

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