Bloomberg News

EU May Disregard U.K. Bank Capital Objections, Official Says

May 03, 2012

European Union governments may disregard British objections to a bank capital proposal later this month and send a compromise deal to the European Parliament and the European Commission for consideration, a German government official told reporters today in Berlin.

EU finance ministers backing a compromise result after 16 hours of negotiations in Brussels today enjoyed an overwhelming majority, the official said, speaking on condition of anonymity. Germany aims to reach a consensus with the dissenting country at a follow-up meeting of ministers on May 15, the official said, without naming any nations.

While a decision could be taken through a majority vote if consensus can’t be achieved, there’s sufficient backing by member countries for Denmark, the EU’s rotating presidency, to start talks with the European Parliament and the commission, the official said.

Ministers failed to reach an agreement to toughen bank capital rules in negotiations that started yesterday in the face of British resistance. Ministers will try to bridge differences during the next two weeks.

Germany supports the principle of consensus-building before resorting to formal votes, the official said. In a process known as the Trilogue, the European Parliament and the commission give their inputs to and can alter positions agreed on by ministers.

To contact the reporter on this story: Rainer Buergin in Berlin at rbuergin1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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