McCreevy proposes new rules for bank mergers

NEW rules aimed at preventing political interference in bank mergers and takeovers in the EU have been proposed by Internal Market Commissioner Charlie McCreevy.

They follow efforts in a number of countries, specifically Italy and Poland, to block takeovers of financial institutions.

If the amendments to the current directive are agreed by member states and the European Parliament they will reduce the scope for national regulators to delay or prevent such moves.