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Internal Market: Iceland to be brought to Court over rules on capital requirement for banks

29.5.2013

PR(13)50

The EFTA Surveillance Authority will bring Iceland before the EFTA Court because of its failure to fully implement a directive amending certain rules on captial requirements for banks. 

Directive 2009/111/EC is part of a legislative package (CRD II) which is intended to ensure the financial soundness of banks and investment firms. The main amendments introduced by the Directive aim at improving the management of large exposures, the quality of banks' capital, liquidity risk management, and risk management for securitised products. 

The Directive should have been fully implemented in Iceland by 1 January 2012. The Authority sent a reasoned opinion in September 2012 asking Iceland to take appropriate measures to implement the provisions of the Directive. Iceland has failed to so so, and the matter will now be brought before the EFTA Court.
 

For further information, please contact: 

Mr. Xavier Lewis
Director, Department of Legal and Executive Affairs
Tel: (+32)(0)2 286 18 30

or

Mr. Jonas Pålshammar
Officer, Department of Internal Market Affairs
Tel: (+32)(0)2 286 18 34




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