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ECB’s Liikanen to Testify Before U.K. Lawmakers on Banking Rules

European Central Bank Governing Council member Erkki Liikanen will appear before U.K. lawmakers to testify on his proposals to overhaul European Union banks.

Liikanen will testify on Oct. 22 to the Parliamentary Commission on Banking Standards, a cross-party panel created in the wake of the Libor-fixing scandal. Donald Cruickshank, former chairman of the London Stock Exchange and John Kay of Oxford University will testify later in the month.

European Union banks should be forced to push much of their trading activities into separately capitalized units and face extra bonus rules, a European Union-mandated working group chaired by Liikanen has proposed.

The group also called for a toughening of Basel bank capital rules and for a share of bonus awards for executives to be paid in debt designed to be written down in crises. The non-binding recommendations are part of a detailed blueprint to protect taxpayers from bailouts.

Former Federal Reserve Chairman Paul Volcker, who advised President Barack Obama, will give evidence to the same panel today.

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