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UK banks could be shut down or forced into bail-outs by Brussels

Posted By admin On September 12, 2012 @ 2:20 am In Money Watch | Comments Disabled

Bruno Waterfield
London Telegraph [1]
Sept 12, 2012

A panel of European officials would be given sweeping new powers to police the financial sector across the continent but also in the City of London.

They would be given “full decision making powers” to impose EU law and to arbitrate disputes between Britain and the eurozone over the risks posed by British banks, according to the proposals being tabled on Wednesday at the European Commission. Decisions taken by the powerful body would be automatically binding unless Britain was able to win the unlikely backing of a majority and overturn them.

Rulings by the panel could create huge costs for the British government and banks if they were ordered to bail out a struggling institution, contribute to cross-border bail-out funds, or allow the EU to rule over breaches of European law.

The moves stem from proposals for a eurozone “banking union”. The radical new EC blueprint for banking regulation at the EU level is focused on giving the European Central Bank new powers to supervise the eurozone’s banks, in order to shore up struggling financial institutions in southern European countries such as Spain.

Full article here [1]

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URLs in this post:

[1] London Telegraph: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9536997/UK-banks-could-be-shut-down-or-forced-into-bail-outs-by-Brussels.html

[2] Global financial rescue package nears £3 TRILLION as the U.S. unveils Brown-style bail-out for struggling banks: http://www.prisonplanet.com/global-financial-rescue-package-nears-3-trillion-as-the-us-unveils-brown-style-bail-out-for-struggling-banks.html

[3] Germany Was Out-Voted And Forced To Bail Out Europe: http://www.prisonplanet.com/germany-was-out-voted-and-forced-to-bail-out-europe.html

[4] Now Brussels wants to tax Britons directly with EU-wide levies on banks and air travel: http://www.prisonplanet.com/now-brussels-wants-to-tax-britons-directly-with-eu-wide-levies-on-banks-and-air-travel.html

[5] Financial crisis: Banks shares plummet after bail-out deal: http://www.prisonplanet.com/financial-crisis-banks-shares-plummet-after-bail-out-deal.html

[6] New euro ‘empire’ plot by Brussels: http://www.prisonplanet.com/new-euro-empire-plot-by-brussels.html

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