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
New legislation for pan-European supervision of credit rating agencies and a public debate on how financial institutions are managed.
more »
On 2 June in Vilnius, Lithuania‘s Vice-Minister of Foreign Affairs Asta Skaisgirytė Liauškienė and Deputy Director General of the World Trade Organization Rufus H. Yerxa discussed the main issues on the international trade policy agenda, Russia‘s WTO accession and the changing role of China in the world economy.
more »
2157 former construction workers in Spain and 598 ex-employees at the Irish crystal glass company Waterford Crystal with suppliers could get €11 million in EU globalisation adjustment fund aid for training, self-employment and professional orientation under plans approved by the Budgets Committee on Wednesday.
more »
Companies from the UK, Belgium, Germany and Spain have won the 2010 European Business Awards for the Environment.
more »
The planned overhaul of EU fisheries policy should devolve more powers to regions, protect small coastal fleets and boost aquaculture, said MEPs and members of national parliaments on Tuesday.
more »
The first in a series of loan agreements for energy efficiency investments in multi-apartment buildings was signed today between the European Investment Bank (EIB), as manager of the JESSICA holding fund in Lithuania, and Šiaulių bankas.
more »
Despite the current economic crisis and tensions in the euro, Estonia is set to adopt the single currency in January.
more »
Commission proposes a bank tax to cover the costs of winding down banks that go bust.
more »
The European Investment Bank will provide a total of EUR 400 million to Hellenic Petroleum SA in order to increase the production of cleaner fuels via the upgrading of the Elefsina refinery.
more »
European ministers meet on Tuesday and Wednesday in Brussels at the final Competitiveness Council to be held during the six months of the Spanish Presidency, which has an agenda laden with important issues such as the electric vehicle, the European patent system and national R+D investment goals.
more »