Government raises objections to new banking plans by EU

Ireland has lodged a formal objection to an EU banking plan, amid fears that it would damage the lending capacity of major Irish banks and drive up the cost of loans.

Ian Kehoe - avatar

Ian Kehoe

30th August, 2008

Ireland has lodged a formal objection to an EU banking plan, amid fears that it would damage the lending capacity of major Irish banks and drive up the cost of loans.

The government has asked the European Commission to recast or delay the plan, which would restrict investments by banks and other financial institutions in asset-backed bonds and other risk-sharing instruments.

Financial institutions and industry lobby groups have been conducting a campaign against the proposal,...

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