On 5 June 2014, the European Commission published a report on the possible legal obstacles to the free movement of funds between EU banks or investment firms within a single liquidity sub-group. Under the CRR, the Commission is obliged to report on whether any legal obstacles exist to banks entering contracts that provide for the free movement of funds between them to enable the bank or investment firm to meet its individual or joint obligations as such obligations become due. The report concludes that there are currently no relevant legal obstacles and therefore no need for the Commission to make any legislative proposals on the issue. The European Commission will continue to monitor the situation and will take appropriate action as required.

The report is available at:

 http://ec.europa.eu/transparency/regdoc/rep/1/2014/EN/1-2014-327-EN-F1-1.Pdf.