New hard rules for the European Banks

New hard rules for the European Banks

 

According to new rules the European Union banks will be made to disclose details of tax information as part of a legislative package approved by the European Parliament.

8,200 EU banks will  have to divulge information on profits made, taxes paid, subsidies, turnover and the number of staff employed.

The requirement will be applied from January 1, 2014, when all banks will begin reporting data to the European Commission. The details will be published from 2015.

The rules also impose restrictions on bankers' bonuses, establish new capital requirements and introduce a set of prudential rules. The rules must now be officially accepted by the Council of Ministers.

The agreement on a single banking supervisor proposed by the Irish Presidency is also “a major step towards banking union”, Irish Finance Minister Michael Noonan claimed.

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