European Parliament makes CRD law
STRASBOURG – The European Parliament passed the Capital Requirements Directive (CRD) at the end of September, effectively making the legislation law. The CRD must now go to the European Council for its October meeting, but it is expected that this will be a mere formality.
Eurocrats and bankers exhaled a sigh of relief at the passage of the legislation, which both were anxious to get passed as soon as possible to allow for the maximum amount of implementation time in member states. One of the few sources of last-minute contention was the callback provision – in the end the compromise was for a two-year effectiveness period. A European Commission (EC) official says a comprehensive agreement on legislative callbacks is expected to be implemented within the next two
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