Newsletter February 09: McCreevy slams ‘wrecking amendments’ to reforms

BRUSSELS – EU internal markets commissioner Charlie McCreevy lashed out in mid-February against banking industry associations and their lobbyists who have lined up to table “wrecking amendments” to the revised Capital Requirements Directive (CRD) now under scrutiny in the European Parliament. This piece of flagship legislation will revise the 2006 CRD that implemented the Basel II capital adequacy standard for banks within the EU. The global financial crisis has significantly boosted its importance as several key reforms have been incorporated aimed at curbing the kind of reckless bank lending that led to boom and bust.