The European Central Bank is calling for an easing of EU rules that in effect ban banks from paying dividends, bonuses and some coupons if they make a loss that drags their capital below the minimum, a senior official said. Under European rules, a bank is de facto banned from such payouts if it makes a loss that brings its capital level below its Combined Buffer Requirement set by supervisors. This rule would unfairly penalise a bank if, for instance, the loss were to happen too late in the year for the institution to raise fresh capital, Korbinian Ibel, a director general in the ECB's supervisory arm said. According to Morgan Stanley estimates, Italy's UniCredit was just 44 basis points clear of the required capital level.
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