Ahead of the publication of its report “A European Banking Union”, the EU Committee at the House of Lords has written to Greg Clark, the Financial Secretary to Treasury, to share with him its position on the Banking Union proposals to be debated at the European Summit of 13-14 December. The Lords EU Committee is concerned about the UK being marginalised in the EBA when the Banking Union participants move toward common positions on issues relating to the EU financial sector. It also says that the levels of financial integration proposed for Eurozone countries could threaten the integrity of the single market. Contrary to the confidence Treasury has expressed previously, the Lords EU Committee fears that the UK financial services industry will not be able to remain an unparalleled global financial centre outside the Banking Union. (Source: Lords Letter to Treasury on Banking Union)