They fear balance sheets could be hit with billions of euros of potential losses from derivatives
Published:
12 June 2004 y., Saturday
Europe's banks warned the European Commission against endorsing new accounting standards, which they fear could hit balance sheets with billions of euros of potential losses from derivatives, the Financial Times said.
The Commission hopes to reach a deal with the International Accounting Standards Board. If it endorses the board's proposals for interest rate derivatives, 7,000 listed companies in the European Union will have to apply them from next January.
But the European Banking Federation, spearheaded by French banks, has objected to the prospective agreement between the Commission and the IASB, the FT said on Thursday.
Under such a deal, banks would still have to show derivatives at market or 'fair' value - the measure they believe would dangerously increase volatility.
But the information would be ring-fenced from the rest of the balance sheet, and over the medium term the board would look at an alternative proposal from the banking federation, the paper said.
Šaltinis:
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Commission today concluded on the existence of excessive deficits in Cyprus, Denmark and Finland and recommended deadlines for their correction to the Council.
more »
Over 2000 former construction workers in Spain and nearly 600 ex-employees of Irish glass company Waterford Crystal and its suppliers will receive a total of €11 million in aid from the EU Globalisation Adjustment Fund to help with training, business start-ups and job guidance under plans agreed by MEPs and the Council of Ministers.
more »
MEPs on Tuesday decided six top priorities and a number of additional key issues for the upcoming negotiations on the 2011 budget.
more »
The EU-China Science and Technology Week starts today at the heart of World Expo Shanghai.
more »
European Climate Action Commissioner Connie Hedegaard and European Investment Bank President Philippe Maystadt agreed on Monday to explore a joint climate finance initiative for developing countries as part of the European Union commitment made at the UN climate conference in Copenhagen last December.
more »
Sustainability, competitiveness and security of energy supply: the three pillars to the foundation of a new EU energy community.
more »
EU Trade Commissioner Karel De Gucht and Palestinian Minister of National Economy Hasan Abu-Libdeh today discussed measures to enhance EU-Palestinian bilateral trade relations and to facilitate trade of Palestinian products to EU markets.
more »
Some of the most innovative and exciting transport research projects funded by the EU are being showcased at the Transport Research Arena (TRA) in Brussels this week.
more »
Nowadays we rely heavily on satellite positioning and navigation, but the only available technology is American.
more »
The European Commission will reveal how it aims to revamp its transport networks policy in response to the challenges of the 21st century at a conference dedicated to the Trans-European Transport Network (TEN-T) in Zaragoza on 8 and 9 June.
more »