Kalousek: Czech Republic wants guarantee on sovereignty if EU bank supervisor created

04-12-2012

Speaking in Brussels, the Czech minister of finance, Miroslav Kalousek, said on Tuesday that the Czech Republic would only agree to the creation of a European Union banking supervisory body if the bloc granted extra powers to national regulators. Mr. Kalousek said Prague wanted a commitment that the Czech National Bank would have the final authority in the case that a daughter company of an international bank was transformed into a branch, as branches do not come under national regulators. He pointed out that over 90 of the Czech banking sector was owned by the daughter companies of banks based in the eurozone.