The European Central Bank (ECB) has adopted the recommendation to amend Article 22 of its statute.
This change would provide the ECB with a clear legal competence in the area of central clearing.
This amendment would pave the way for the Eurosystem to exercise powers that are foreseen for central banks issuing a currency under the review of the European Market Infrastructure Regulation (EMIR) proposed by the European Commission.
These powers include a significantly enhanced role for central banks of issue in the supervisory system of central counterparties (CCPs), especially with regards to the recognition and supervision of systemically important third-country CCPs clearing large amounts of euro-denominated transactions.
The Eurosystem comprises the ECB and the 19 national central banks of the euro area.
These amendments to the EMIR will allow the Eurosystem to fulfil its role as the central bank issuing the single currency.
The amendments will also allow the Eurosystem to monitor and address any risks associated with central clearing activities that could affect the conduct of monetary policy, the operation of payment systems and the stability of the euro.
Customers choose banks based on security over rates
Banking customers are placing a greater importance on security rather than savings rates, new resear...
FOS reveals rise in internet and phone banking complaints
The number of complaints received by the Financial Ombudsman Service (FOS) regarding internet/phone...
60% believe capital requirements increase will prevent new bank entrants
The new capital requirements will make competition with the large banks more difficult, one challeng...
Wesleyan Bank to provide additional £50m to SMEs
Wesleyan Bank has announced a new asset finance funding programme to help SMEs to grow and compete a...
FCA to consult on new rules for current account providers
The FCA has announced proposals to help customers make effective comparisons on the service levels o...
Lloyds Bank removes arrangement fees for small business customers
Lloyds Bank has announced the removal of term lending arrangement fees for small businesses...
Charter Savings Bank increases rate on one-year fixed cash Isa
Charter Savings Bank has increased rates on its one-year, fixed-rate cash Isa by 0.05% to 1.21% AER...
PCF Bank launches
PCF Bank has announced that it has received notification from the PRA and FCA that its regulatory re...
UTB provides £140,000 loan for overdue tax bill
When United Trust Bank (UTB) was approached by one of its key broker partners to assist a firm of so...