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
European Commission Vice-President Siim Kallas, responsible for transport, today presented to the College a preliminary assessment of the economic consequences for the air transport industry of the volcanic ash crisis.
more »
Boosting economic recovery, investing in Europe's youth and in tomorrow's infrastructures are the priorities of the 2011 draft budget adopted by the Commission on 27 April 2010.
more »
European Competition Commissioner Joaquín Almunia welcomes proposed commitments by Visa Europe to significantly cut its multilateral interchange fees (MIFs) for debit card payments.
more »
Because of the Icelandic volcano, flower growers in Colombia couldn't get their stems to markets in Europe.
more »
The Second Vice President of the Spanish government and Minister of Economy and Finance, Elena Salgado, on Sunday played down the importance of apparent fissures within the EU concerning the Greek financial crisis, expressing her confidence that all countries would support the aid package for this country, which will be accompanied by a tough budget-tightening plan.
more »
Commission launches an information campaign on the CE conformity mark - designed to ease the free movement of goods around Europe and protect consumers.
more »
If Europe's airports ever open again the introduction of new security measures like body scanners will be expensive.
more »
After Eurozone Finance Ministers agreed measures to address Greece’s financial woes last Sunday, MEPs quizzed leading economic figures, including the chairman of Goldman Sachs - former financial advisors to the Greek government - on how to strengthen EU economic governance and improve reporting of national statistics.
more »
The European Tourism Stakeholders Conference, being held in Madrid today and tomorrow, will explore ways and means to strengthen the visibility of tourism at a European level and to verify how the actions to promote a competitive EU tourism industry.
more »
The European Bank for Reconstruction and Development (EBRD), World Bank Group member IFC, and The Netherlands Development Finance Company (FMO) have joined up with the Asia Debt Management Hong Kong (ADM Capital) to establish a regional fund to invest in midsize companies facing financing difficulties as a result of the financial crisis.
more »