EU's central clearing drive avoids capital controversy


BRUSSELS - On March 9 the European Parliament's economic and monetary affairs committee threw out a proposal made by French MEP Pervenche Beres to restrict regulatory capital benefits derived from the use of credit default swaps (CDSs) to those cleared through a European central counterparty (CCP). This meant potential recapitalisations running into tens of billions of euros were avoided by banks within the European Union. It was just one proposed amendment to the Capital Requirements Directive

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