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Commission confirms sending of Statement of Objections (SO) to Standard & Poor's
The Commission’s preliminary view is that S&P is abusing its dominant position by requiring to pay licensing fees for the use of International Securities Identification Numbers (ISINs) in their own databases.
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UK Treasury welcomes approval of Lloyds restructure
The divestments Lloyds will make following Commission’s approval will lead to an important shake-up of the UK retail banking market. It will create a benefit for consumers as competition rules will be re-established.
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Commission decisions on KBC, ING and Lloyds – frequently asked questions – better understanding of the restructuring plans
The questions include Commission's position as regards the bancassurance model, as the Commission has approved divestment of the insurance unit and back to basics model. The Commission is not against this model and asses on a case by case basis.
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Kroes’s speech: KBC, ING and Lloyds – one quarter of the job is done, but there are 28 cases to go
Each of these banks will be required to contribute substantially to the financing of their restructuring. The plans ensure that none of these banks will enjoy an unfair competitive advantage as a result of public support they have received.
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Commission approves asset relief, divestment and restructuring package for KBC
KBC will retain its integrated banking and insurance model. However, it will divest a significant number of businesses, including in Central and Eastern Europe, particularly those that are not fully in line with its core business model.
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Dutch Bank ING restructuring plan approved by the Commission - divestments, temporary ban on capital reductions or acquisitions
The Netherlands committed to temporarily ban ING from acquiring other firms and from exercising price leadership. Furthermore, ING will need formal Commission approval for repaying hybrid and subordinated debt capital instruments.
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Commission approves restructuring plan of Lloyds Banking Group including a divestment package of Lloyds’ UK retail banking
The Commission found that the plan ensures a fair burden sharing of past losses and that the bank and its capital providers make a significant contribution to the financing of the restructuring costs. This is important to limit moral hazard.
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Kroes in New Delhi: Why we need competitive markets?
If DG COMP had not applied the competition rules to banks in Europe, we would have seen consumer harm as banks took advantage of the 'free ride’. The special situation of banks cannot alter the competition regime.
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German bank Hypo real Estate under Commission in-depth investigation
The award of significant state subsidies requires in-depth restructuring, to address the problems that prompted the need for state rescue. Kroes stated that she is confident they can find a solution in that difficult case.
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