Leaked EU paper proposes flexible bank holdco rules

Document offers helping hand to US and Japanese banks, which must split out securities business

More elastic: a Council of the European Union working paper suggests amendments to IPU rules

Non-European Union banks should be allowed to set up two holding companies for their subsidiaries in the bloc, states a Council of the European Union working document seen by Risk.net. In addition, the requirement to establish an “intermediate parent undertaking” should apply only to banks with €30 billion ($35 billion) or more in EU assets.

US and Japanese banks in particular have been arguing that their home rules, requiring a separation of retail and corporate from wholesale banking, would

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