European Union Finance Ministers failed to secure a deal on new banking capital rules after their Wednesday meeting, and now hope to find a consensus in their next meeting on May 15.
"With the agreement of the Council, the presidency decided to add the dossier to the agenda of its meeting on 15 May, so as to enable a technical verification to be completed, with a view to confirming the Council's agreement on the overall package" the Council of the European Union said in a statement.
The discussions were mainly centered on amending the EU's rules on capital requirements for banks and investment firms, the so-called "CRD 4" package.
EU aims to amend and replace the existing capital requirement directives and divide them into two new legislative instruments, such as a regulation establishing prudential requirements and a directive governing access to deposit-taking activities.
These amendments are aimed at transposing the Basel 3 agreement into EU law, the Council said.
During the meeting, UK Chancellor of the Exchequer George Osborne called for tougher regulation to avert future financial crises.
Member states are divided on the proposals made on banks' core capital requirements. The Basel Committee has recommended a minimum of 7 percent.
Despite all the disagreements, the ministers were united on the need to implement Basel 3 rules as soon as possible.
by RTT Staff Writer
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