Lawyers knock EU’s bank plan

City A.M. Reporter
EUROPEAN plans to give a central body powers to wind up banks could breach existing rules, EU lawyers warned yesterday.

Part of the plan for a banking union would see national regulators reduced to some monitoring activities and to implementing the instructions of a central authority.

But EU lawyers have raised concerns over the plan, according to legal opinions seen by Reuters. The advice given to ministers appears to favour Germany, which has sought to keep more control over bank supervision with its own regulators.