Ford scents a satisfactory outcome to bank-regulation wrangles
Posted, May 10, 2012 @ 15:00
Vicky Ford MEP, Conservative negotiator on a package of banking reforms being drawn up by the EU, believes considerable progress has been made towards a satisfactory deal.
She now expects that a series of key amendments which she has tabled will be accepted when proposals are voted upon in Brussels on Monday.
Mrs Ford, Conservative MEP for the east of England, has taken part in a string of late-night talks on the package.
The complex legislation will finally bring into European law the agreements on bank reform which were made globally at the G20 after the Lehman's crisis in 2009. An earlier draft of the proposals was rejected by UK Chancellor George Osborne in meetings between Europe's 27 finance ministers last week.
The latest proposals and amendments will be put before the European Parliament's Economic and Monetary Affairs Committee on Monday.
Mrs Ford said: "The Chancellor refused to accept last week´s proposals because they would have allowed European and UK banks to dumb down global standards. The UK wants to bring in even stronger rules for banks than Europe, including ring-fencing parts of retail banking from trading activities.
"I tabled nearly 200 amendments to the initial drafts of these laws. The negotiations this week have moved forward. It is looking as if there will be a majority of the Parliament who also want to stand by our global agreements for strong bank law, with the flexibility for the UK to add its additional reforms.
"While bank-reform is vital, we also need to make sure that banks keep lending, especially to small and medium-sized businesses and for infrastructure investment. I believe my amendments in this area are likely to be passed on Monday."