Europe needs fewer banks, says banking group chief

US Ireland 2021 summit hears a capital markets union is crucial as push under way at EU regulatory level to have bigger banks that are ‘safer’

Emmet Ryan

Technology Correspondent @emmetjryan
4th July, 2021
Europe needs fewer banks, says banking group chief
Brian Hayes: ‘A big push is happening at an EU regulatory level to have bigger banks that are safer. A capital markets union in Europe is crucial to that. Picture: Fergal Phillips

Europe needs fewer banks and for more of them to be bigger, according to Brian Hayes, chief executive of the Banking and Payments Federation of Ireland.

“We have too many banks in Europe. A big push is happening at an EU regulatory level to have bigger banks that are safer. A capital markets union in Europe is crucial to that,” Hayes said.

A capital markets union would create a single market for capital...

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