New EU Banking Regulation: no need to re-open compromise package

Othmar Karas MEP, the European Parliament's negotiator for the new EU banking regulation, has welcomed that at today's meeting of the EU's Finance Ministers, most Member States expressed their support for the deal negotiated last week on obliging banks to build up more capital buffers and capping bankers' bonuses: "I am glad to hear that there is a vast and unambiguous majority among EU Member States in favour of last week's deal. If Council voted like the Parliament, this majority would be even more visible", said Karas, Vice-President of the European Parliament.

Karas does not see any reason to re-open the political compromise package: "The political negotiations between the legislators on CRD4/Basel III are already concluded. I therefore do not see any reason to re-open the political compromise package we agreed last week. Today's debate in Council apparently shows an internal problem in the Council, not a problem with the Parliament", he stressed.

Karas is determined to have the entire Parliament vote on the deal. "If today's Council debate hampers the draft of the final law text, Parliament will submit the compromise package anyway to a plenary vote in April", Karas emphasised.