NFU News

Bank separation a reality in Autumn 2013?

BANK SEPARATION. Commissioner Barnier, Head of the Commission’s DG Internal Market, announced last week that he will push on with making the proposals in the Liikanen report on separating banks’ retail and trading parts a reality.

Through a spokesperson, the Commissioner told the press that a proposal following the conclusions in the report is due to be published in Autumn 2013.

Criticism towards the Liikanen report has been massive, with banks and other stakeholders arguing that a separation is not necessarily a cure for future crises. NFU has said that while we support a level playing field for banks, the consequences of a separation must be carefully analysed – in general as well as for the employees.

The background for the Liikanen report is that many banks in the EU are “too big to fail”, i.e. no state can allow them to go down because of what this would mean for the real economy. As a consequence, the banks can take risks backed up by state guarantees, in essence tax-payers’ money. By separating the trading part, this would no longer be able to grow on the basis of government backing.

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NFU and UNI Europa Finance host final conference in Fintech project

On May 10, Nordic Financial Unions and Uni Europa Finance, together with the University of Gothenburg hosted the final conference of the project How Fintech affects the financial sector and what the effects are on collective bargaining in the European financial sector in Copenhagen. The day was a mix of different panel discussions of the challenges and opportunities Fintech pose for the finance sector and finance unions.
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