Arab Today, arab today eu advisory group proposes separate deposits from trades
Last Updated : GMT 21:55:33
Arab Today, arab today
Arab Today, arab today

EU advisory group proposes separate deposits from trades

Arab Today, arab today

Arab Today, arab today EU advisory group proposes separate deposits from trades

Brussels - XINHUA

EU banks should separate trading and investment activities from deposit banks, said a report by an advisory group designated by European Commission on Tuesday. The aim of the move was to \"get rid of a system where profits are private and costs are public,\" said Erkki Liikanen, Governor of the Bank of Finland as well as chairman of the group. \"I believe that the Group\'s recommendations would if implemented provide for a safer, more stable and efficient banking system serving the needs of citizens, the EU economy and the internal market,\" he added. The report was presented by EU\'s Internal Market and Services Commissioner Michel Barnier, who said the report \"underlines the excessive risks taken by banks in the past, and makes important recommendations to make sure that banks work in the interest of their customers.\" \"I will now consider the next steps, in which the Commission will look at the impact of these recommendations both on growth and on the safety and integrity of financial services.\" Barnier reiterated. The report also illustrates other suggestions to better preserve healthiness of European banking sector, such as urging banks to draw up and maintain effective recovery and resolution plans, using designated bail-in instruments, applying more robust risk weights in the determination of minimum capital standards, and enhancing existing corporate governance reforms. The advisory group was designated by Barnier in November 2011 with Liikanen as chairman, while members were appointed in February 2012. Its mandate was to determine whether structural reforms of EU banks would strengthen financial stability and improve efficiency and consumer protection, as well as making proposals on reforms.  

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