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EU finance chiefs agree on draft law tackling big banks

Deal reached after France secures last-minute change

Published Fri, Jun 19, 2015 · 09:50 PM
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Brussels

EUROPEAN Union (EU) finance ministers struck a deal on a law on tackling too-big-to-fail banks after France secured a last-minute technical change to planned exemptions for UK lenders.

France had scuppered talks earlier this week by envoys from the EU's 28 nations by seeking several changes to the bill, which concerns how supervisors should assess banks to determine if they should have to split off trading activities from consumer services. Ministers reached a deal on Friday based on compromises circulated by Latvia, which holds the EU's rotating presidency.

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