Bloomberg News

Dutch Banking Trade Group Chief is ‘Pessimistic’ After EU Summit

October 27, 2011

Oct. 27 (Bloomberg) -- Dutch Banking Association Chairman Boele Staal said he’s “pessimistic” after the European Union summit as no agreements were reached on solving the issue of government debts, “the cause” of the crisis.

The agreements are a “firm minimum in response to a symptom,” he said in an interview with Dutch radio today.

Europe’s requirement for banks to have core Tier 1 capital equal to at least 9 percent of assets after writedowns on sovereign debt is a “considerable step,” Staal said, adding there are no concerns on the capital position of Dutch banks.

To contact the reporter on this story: Maud van Gaal in Amsterdam at mvangaal@bloomberg.net

To contact the editor responsible for this story: Martijn van der Starre at vanderstarre@bloomberg.net


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