Anglo avoids EU penalty with regulator’s ‘exceptional’ waiver

Anglo Irish Bank would have broken EU rules on banks’ minimum capital requirements in recent weeks in the absence of ‘‘exceptional’’ waivers granted by the Financial Regulator.

6th June, 2009

Anglo Irish Bank would have broken EU rules on banks’ minimum capital requirements in recent weeks in the absence of ‘‘exceptional’’ waivers granted by the Financial Regulator.

Although the regulator had agreed to reduce its minimum capital requirement from Anglo from 9.5 per cent to 8 per cent, itself the minimum level permissible under the EU’s Capital Requirements Directive, Anglo’s capital ratio would have been reduced even below this threshold...

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