EU Bodies Clash Over Standards For Economic Downturn
Law360, London (September 1, 2020, 1:15 PM BST) -- The European Union's banking authority has said it disagrees with changes proposed by the bloc's executive to standards that banks will follow to identify economic downturns, which help them calculate how much capital they must hold to protect themselves.
The European Banking Authority issued an opinion Monday to challenge changes made by the European Commission to standards intended to help lenders in the bloc decide on the "nature, severity and duration" of a financial crisis. The measures help banks estimate how much money they should hold in reserve to protect themselves if borrowers default on loans.
The standards, which the EBA...
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