Wednesday 15 May 2019 4:13 pm

EU officials mulling post-Brexit financial reforms


Chief City reporter covering banking, insurance, deals and exchanges. Email stories to seb.mccarthy@cityam.com

Chief City reporter covering banking, insurance, deals and exchanges. Email stories to seb.mccarthy@cityam.com

European officials have reportedly drawn up draft plans for a major raft of financial regulations post-Brexit.

Read more: Brexit party dominates EU election vote poll as Tories lag behind

According to Reuters, the European Commission has composed a 12-page document setting out the body’s plans to speed up banking measures in what looks set to be most significant regulatory push since the financial crisis a decade ago.


Among the proposals in the document are potential "concentration charges" on banks' holdings of risky government debt, as well as potential rules to bolster cyber crime defences.

Read more: Lloyd's of London brings in Banking Standards Board to conduct review

The document also reportedly suggests the idea of having a centralised anti-money laundering supervisor in the wake of one of the world's largest ever laundering scandals.

Danske Bank was plunged into crisis last year as questions were raised over €200bn (£173m) in suspicious payments which flowed through its Estonian affiliate between 2007 and 2015.

Last month the lender posted a 39 per cent fall in net profit year-on-year in the first quarter of 2019, to 3bn Danish krone, as the bank faced higher expenses and impairments.

The European Commission declined to comment.

 

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