Sweden Vows to Implement EU Bank Capital Rules to Avert Lawsuit
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Sweden promised to bring its laws on capital requirements for banks into compliance with European Union law after the EU’s executive arm told the government to make the changes within two months or face a lawsuit.
The new rules “are meant to come into force on June 30,” Victoria Ericsson, a spokeswoman for Sweden’s Finance Ministry, said by telephone in Stockholm today. “In the wake of the financial crisis, there has been a need for comprehensive regulatory work both on a global and EU level and these things take a bit of time to implement.”