European banks are facing the threat of having to reveal their taxes and profits on a country-by-country basis in the latest twist to the EU negotiations over rules to make banks safer.
The European parliament is pressing for the tougher disclosure regime along with a demand for strict curbs on bankers’ bonuses as part of the law implementing the Basel III international accord that overhauls bank capital rules.
The demanding transparency requirements have the full support of the European Commission, but EU member states are largely resisting the initiative.
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