EU To Delay Tighter State Aid Rules For Banks Due To Turmoil
15 Settembre 2011 - 10:05AM
Dow Jones News
The European Commission will delay the arrival of tighter rules
governing state aid for banks beyond the end of 2011 due to
mounting turmoil in European financial markets, Joaquin Almunia,
the commissioner in charge of competition policy, said
Thursday.
The commission, the European Union's executive arm, sets rules
that limit how much aid companies can receive from national
governments, but it relaxed those rules for banks in the aftermath
of the 2008 crisis to allow the industry to receive the enormous
amount of government aid that kept the financial system afloat.
Almunia had said he wanted to tighten the rules again, from the
beginning of 2012.
But on Thursday, the commissioner said that he will propose a
delay in the arrival of tighter rules.
"It would not be safe" to introduce the new rules in the current
market climate, he said in a speech at the Eurofi conference
here.
-By Matthew Dalton, Dow Jones Newswires; +32 (0)2 741 1487;
Matthew.dalton@dowjones.com
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