European Commission - Press release
Financial services: Commission requests Spain and The Netherlands to implement capital rules
Brussels, 29 September 2011 - Spain and The Netherlands have been asked to notify to the European Commission within the next two months the measures they are taking to implement important rules concerning capital adequacy for banks and investment firms as laid down in the Second Capital Requirements Directives (known as CRD II).
The Directives reinforce the stability of the financial system, reduce banks' risk exposure and improve the supervision of banks that operate in more than one EU country, to the benefit of citizens, businesses and the European economy as a whole. The Directives must be implemented in all Member States to ensure that the same high standards are applied across the EU and that no banks or investment firms operating in the EU benefit from any unfair competitive advantage. The deadline for implementing these rules was 31 October 2010.
Spain needs to complete implementation by adopting certain technical measures required by the Directive. The Netherlands has yet to adopt measures to implement the Directives, which include a legislative proposal and a ministerial decision, and is only due to do so at the end of 2011, more than a year after the implementation deadline.
The Commission's request takes the form of a reasoned opinion. If the national authorities do not notify the necessary implementing measures within two months, the Commission may refer the Member States concerned to the Court of Justice of the European Union and may request the Court to impose financial penalties.
What are the new bank capital rules?
Directive 2009/111/EC amends the original Capital Requirements Directives (2006/48/EC and 2006/49/EC) and, together with Directives 2009/27/EC and 2009/83/EC, is part of the second legislative package (CRD II). It boosts the financial soundness of banks and investment firms and it stipulates how much of their own financial resources banks and investment firms must have in order to cover their risks and protect their depositors. This legal framework needs to be regularly updated and refined to respond to the needs of the financial system as a whole.
The main changes introduced by the CRD II package are as follows:
Latest information on infringement proceedings concerning all Member States:
For more information on EU infringement procedures, see MEMO/11/646