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European Commission announces decisions on state aid for KBC, ING and Lloyds

  • Alston & Bird LLP
  • -
  • Belgium, European Union, Netherlands, United Kingdom
  • -
  • November 18 2009

Today, the European Commission (EC) announced decisions regarding state aid for KBC Group NV (KBC), ING Groep NV (ING) and Lloyds Banking Group (Lloyds), which will "secure their long term viability," "require each of these banks to contribute substantially to the financing of their restructuring," and "ensure that none of these banks will enjoy an unfair competitive advantage as a result of the very large-scale public support they have received."

UK Treasury Committee voices concern over pace of European financial regulation reform

  • Alston & Bird LLP
  • -
  • European Union, United Kingdom
  • -
  • November 16 2009

Today, the U.K. Treasury Committee published a report entitled The Committee’s Opinion on Proposals for European Financial Supervision at the request of the House of Commons European Scrutiny Committee

EU Competition Commissioner Kroes addresses whether government intervention alleviated crisis in Europe

  • Alston & Bird LLP
  • -
  • European Union, United Kingdom
  • -
  • July 1 2009

Yesterday, in a speech at the International Banking Conference of British Bankers Association in London, E.U. Competition Commissioner Neelie Kroes stated that, while government intervention efforts had alleviated the crisis, the focus should now be directed towards helping “restore long-term viability to the system,” since European governments are “potential spending 16.5 of GDP on bailouts.”

European Commission widens investigation into restructuring plan for Northern Rock

  • Alston & Bird LLP
  • -
  • European Union, United Kingdom
  • -
  • May 7 2009

Today, the European Commission announced it has extended the scope of its April 2 in-depth investigation into the UK's aid package and restructuring plan for Northern Rock Plc

European Commission approves UK Asset-Backed Securities Guarantee Scheme

  • Alston & Bird LLP
  • -
  • European Union, United Kingdom
  • -
  • April 22 2009

Yesterday, the European Commission (EC), pursuant to the EC Treaty state aid rules, approved the UK’s Asset-Backed Securities Guarantee Scheme which is "intended to expand the funds available to banks to promote lending to homebuyers and homeowners

European Central Bank and Bank of England move to ease liquidity

  • Alston & Bird LLP
  • -
  • European Union, United Kingdom
  • -
  • May 7 2009

Today, the European Central Bank (ECB), in the interest of encouraging banks to "maintain and expand their lending to clients," "help to improve market liquidity in important segments of the private debt security market, and to ease funding conditions for banks and enterprises," announced the following actions

RBS close to agreement to participate in U.K. Government's Asset Protection Scheme; European Commission may require certain divestments

  • Alston & Bird LLP
  • -
  • European Union, United Kingdom
  • -
  • November 2 2009

Today, Royal Bank of Scotland Group Plc (RBS) announced that it is close to agreement with HM Treasury with respect to its proposed participation in the U.K. Government's Asset Protection Scheme (GAPS), which would provide protection against certain credit losses incurred on one or more portfolios of defined assets

Bank of England and European Central Bank maintain low benchmark interest rates

  • Alston & Bird LLP
  • -
  • European Union, United Kingdom
  • -
  • March 5 2010

Yesterday, the Bank of England’s (BOE) Monetary Policy Committee voted to maintain the bank rate paid on commercial bank reserves at 0.5 and to maintain the stock of asset purchases financed by the issuance of its central bank reserves

European Commission approves Northern Rock split

  • Alston & Bird LLP
  • -
  • European Union, United Kingdom
  • -
  • October 28 2009

The European Commission (EC) yesterday approved the restructuring plan of Northern Rock plc

U.K.’s FSA suggests changes to EU bank branch passporting rights

  • Alston & Bird LLP
  • -
  • European Union, United Kingdom
  • -
  • February 10 2009

Yesterday, the U.K.’s Financial Services Authority (FSA) released a report entitled “Financial Risk Outlook 2009.”