Economy

Demeter

(85,373 posts)

8. Schaeuble Says German Bank Split Law Can Serve as European Model

Fri Jan 24, 2014, 05:29 PM

Jan 2014

http://www.bloomberg.com/news/2014-01-20/schaeuble-says-german-bank-split-law-can-serve-as-european-model.html

Germany’s plan to order banks to separate some of their riskiest businesses from deposits to protect clients could serve as a model for Europe, Finance Minister Wolfgang Schaeuble said.

Starting in 2017, German banks must supply capital and funding for proprietary and high-frequency trading operations as well as some business with hedge funds. The law stops short of ordering banks to split off trading on behalf of clients, as suggested by a panel led by Bank of Finland Governor Erkki Liikanen which advised the European Commission on its proposals.

The commission set a provisional date of Jan. 29 to publish a draft law on bank structure, Chantal Hughes, a spokeswoman for Michel Barnier, the EU’s financial services chief, wrote in an e-mail to Bloomberg News today.

“I assume that, as with our German bank split law, the European rule won’t threaten the financing of the real economy through the proven universal banking model,” Schaeuble said at an event near Frankfurt hosted by Deutsche Boerse AG, the operator of the city’s stock exchange...

YEAH, SURE

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