EPP Group fully backs compromise on new EU banking rules

The EPP Group fully backs the compromise package on new EU banking rules which Othmar Karas MEP negotiated for the European Parliament. "This is an absolutely pivotal piece of legislation for stabilising the European banking sector. I congratulate Othmar Karas for the broad consensus he forged in the Parliament. This will find an enormous majority in the House", said Corien Wortmann-Kool MEP, Vice-Chairwoman of the EPP Group in charge of economic affairs, at an internal meeting of the Group, where the EPP Group approved the negotiation deal reached last week.

The cap on bankers' bonuses is just one part of the new set of rules for 8200 European banks. "We want that banks become more stable within themselves so that no taxpayers' money has to be used anymore to prop banks up", explained Karas. He wants banks to concentrate on their core business: "The banks' first job is to finance the real economy. This is why the new banking law is not only a piece of banking regulation, but a real economy financing act", Karas concluded.