EU Deal Allows For Higher UK Bank Capital Requirements

Law360, New York (May 15, 2012, 2:02 PM EDT) -- European Union finance ministers on Tuesday reached a deal on new bank capital requirements that will allow U.K. regulators to impose higher standards than their European counterparts and engage in other reforms to its financial services sector.

EU finance ministers had been battling over implementing rules for the Basel III banking accords, which require increased capital buffers for banks. At a meeting of the political bloc's finance ministers earlier this month, the U.K.'s Chancellor of the Exchequer George Osborne argued that member states needed the flexibility...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.