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“I do not oppose solvency rules. I know of your pension funds’ concern over the HBS stress test,” he declared, adding that he looked forward to the industry’s recommendations. “I’ll listen very careful to your considerations.” Hill has previously said there could be a need to “deepen the single rule book” for financial institutions, and included the potential rollout of further solvency requirements within those rules.
The commissioner remarked the development of the Capital Markets Union (CMU) was one of the main issues now facing the financial sector. “It could be of great potential benefit” to support a developing economy and job creation, he argued.
Hill said the CMU was receiving encouragement from all sections, including the industry, and that pension funds were possibly one of the largest sources of investment, notably for infrastructure projects.
The project, he noted, was relevant parts of the EU, including those with less developed capital markets.
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