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EU says will ease capital charge on small business bank loans

[LONDON] The European Union will extend a reduction on capital charges on bank loans to small businesses to include loans above the current ceiling of 1.5 million euros, the EU's outgoing financial services chief said on Tuesday.

Capital charges were reduced as part of efforts to lift the bloc's sluggish growth.

"There will be no upper limit, and a capital charge reduction of 15 percent above 1.5 million euros," Jonathan Hill told the Bruegel think tank in Brussels.

Mr Hill, Britain's member of the EU's executive European Commission, set out what were likely to be his final decisions before leaving office on July 16. He resigned following the UK's vote last month to leave the EU.