The legal implications of the prudential supervisory assessment of bank mergers and acquisitions under EU law

Stéphane Kerjean

No 6, Legal Working Paper Series from European Central Bank

Abstract: In September 2004, the Scheveningen ECOFIN Council invited the European Commission to identify the various obstacles to cross-border consolidation in the EU financial sector, including obstacles resulting from the application of prudential rules by supervisory authorities. Although this consolidation has increased in recent years, the number of cross-border mergers and acquisitions in the banking sector continues to lag behind other (non-financial) sectors. Moreover, the difficulties experienced by EU banks in attempting to acquire stakes in financial undertakings in other EU Member States (e.g. in Italy in 2005 or in Poland in 2006) have highlighted the need to ensure a high level of transparency and legal certainty in the rules applied by supervisory authorities when assessing proposed increases in and acquisitions of qualifying holdings, and the need for the Commission to closely monitor the application of these rules. This has led to the adoption of Directive 2007/44/EC of the European Parliament and of the Council of 5 September 2007 ( JEL Classification: K

Keywords: bank mergers and acquisitions; EU law; prudential supervision (search for similar items in EconPapers)
Date: 2008-06
Note: 1057341
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Citations: View citations in EconPapers (3)

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