Would the ICB report really breach EU law?

Author: Gemma Varriale | Published: 21 Apr 2011

The ICB interim report has been criticised for being fundamentally irreconcilable with EU Law because it aims to ring-fence national markets and subject UK branches to a distinct national regulatory regime.

In the past week, reports have suggested that loopholes may exist whereby both European banks could enter the UK market and avoid the ring-fencing, and UK banks with large European subsidiaries can re-enter under that subsidiary’s name.

“The major problem with the report is that it was written by people who give the impression of not appreciating the fact that the...