ECB WILL SECURE NEW ACCOUNTING PROBE POWERS UNDER CENTRAL BANKING LAW
September 1st, 2012
BY KEITH NUTHALL
THE EUROPEAN Central bank (ECB) will acquire significant powers to probe the accounts of Eurozone banks under proposals to create a more unified banking regulatory system for countries using the Euro. Under a regulation proposed by the European Commission, the ECB would have "the power to request all necessary information, to conduct all necessary investigations of credit institutions and the persons involved in the activities of the respective institutions as well as to carry out on-site inspections."
ENDS
THE EUROPEAN Central bank (ECB) will acquire significant powers to probe the accounts of Eurozone banks under proposals to create a more unified banking regulatory system for countries using the Euro. Under a regulation proposed by the European Commission, the ECB would have "the power to request all necessary information, to conduct all necessary investigations of credit institutions and the persons involved in the activities of the respective institutions as well as to carry out on-site inspections."
ENDS
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