UK to oppose EU-funded rating agency

first_img BRITAIN will oppose the introduction of an EU-funded credit rating agency (CRA), after ministers dismissed it as a waste of European taxpayers’ money. Earlier this month Michel Barnier, the EU internal market commissioner, floated the idea of a new European CRA to boost competition in a sector that is dominated by three big players: Moody’s, S&P and Fitch. He said the agency might need to be funded at least in part by public money, due to high barriers to entry for new players. European officials believe that a lack of competition was partly to blame for agencies giving investment-grade ratings to products based on subprime mortgages, which helped fuel the financial crisis.But financial secretary to the Treasury Mark Hoban yesterday said Britain would oppose the use of public money in establishing a new CRA. He said: “Credit rating agencies must have a sound business model that doesn’t depend on money from the EU.”Chuka Umanna, a Labour member of the Treasury select committee, said Hoban was wrong to dismiss the idea.“It’s extraordinary to think that taxpayers wouldn’t want a more competitive CRA market. A new agency might need public money to get started”. Tuesday 16 November 2010 9:19 pm whatsapp whatsapp KCS-content Show Comments ▼center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solutionmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comBlood Pressure For LifeWhy Doctors May No Longer Prescribe Blood Pressure MedsBlood Pressure For LifeTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For Tags: NULL Share UK to oppose EU-funded rating agency More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orglast_img read more