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Tory MEP: CRD IV negotiations going ’round in circles’

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A senior Conservative MEP has hit out at the European Union’s CRD IV negotiations for losing focus of its core objectives.

CRD IV was introduced to implement the global rules on capital requirements and liquidity as proposed in Basel III.

But shadow rapporteur for the directive Vicky Ford says the legislation has been knocked off course by other issues such as quotas for women on boards and a bankers’ bonus cap.

She says: “we are going round in circles by focusing on areas such as women on boards, bankers’ bonuses or country-by-country reporting issues.

“They are not unimportant issues but you could deal with them in totally different legislation. We are meant to be dealing with capital requirements, liquidity and how you run a bank.”

The directive is currently in trialogue discussions with the Council of Ministers, European Commission and European Parliament, led by the current Irish presidency. The next meeting is set for 31 January.

Lansons Communications director Richard Hobbs says: “There is a real gridlock and inability to make progress in the EU. The European Parliament and Council of Ministers can both initiate policy and scrutinise each others decisions. New laws just ping pong between the two and nothing gets done.”

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