Expanding a 'quick fix' package of measures for helping European Union banks keep credit flowing to pandemic-hit companies would defeat its objective, a top EU official said on Wednesday.
LONDON - Expanding a “quick fix” package of measures for helping European Union banks keep credit flowing to pandemic-hit companies would defeat its objective, a top EU official said on Wednesday.
The European Commission has proposed temporary relief from some bank capital rules to avoid lending being crimped as the economy heads for a deep recession.Sean Berrigan, head of the commission’s financial services unit, said the EU executive had sought to propose a package that had broad support from the outset to avoid it being slowed down by any controversial element.
But lawmakers want additions to avoid euro-denominated government debt issued by non-euro zone states in the bloc being subject to punitive capital treatment at banks. More controversially, the Green Party has proposed that banks should only get relief on capital if they agree to binding measures to curb bonuses and dividends.
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