O’Reilly takes on EU banking sector with ruling

Emily O’Reilly has taken on the EU banking sector in her first ruling as EU ombudsman, telling the banks they have failed to stick to the rules.

A special group to advise the London-based European Banking Authority, beefed up after the scandals of the financial crisis, was top heavy with industry figures.

The five members, supposed to represent ordinary users of banking services, were in fact from one of the top credit rating agencies, one from the Federation of European Bankers and three from major accounting and auditors companies.