4-Aug-14
France has gathered the support of BNP Paribas Group 20 meeting of world leaders later this year after a record $ 8.9 billion fine imposed last month, American regulators questioned impose heavy penalties on foreign banks.
Berlin, London, Rome in its promotion has its discussions, the world's top economies, the leaders of 20 in Brisbane, Australia in November to meet the concerns in the United States has backed the so-called extraterritorial Paris, according to French and other European officials.
When the Socialist Party government of President Francois Hollande lobbying hard to limit the American authorities sanctions against France, which also gave a one-year ban on settlement dollar part of the transaction, plea deal with billions of dollars in transactions in Sudan, Iran and Cuba in violation of U.S. sanctions groups.
French officials did not dispute the French unethical behavior, but questioned the size of the punishment and the United States to expand its scope of legal principles for all foreign banks operating dollars. France did not violate the law in France or Europe.
"There should be coordination between regulators, because there should not be more dangerous," agreed senior European officials, who confirmed that had "informal discussions" on the bank issue fines on the G20 agenda.
"This is a problem, but we must be careful not to enter the saying" it is too much, we've got laid off these guys' area, "said the official, who added that the G20 may discuss how to bring to more "proportionate" fine banks.
French Finance Minister Michel Sapin companies seeking the position of France and Wolfgang Schaeuble and Pier Carlo Padoan, his German and Italian counterparts to support recent meeting, according to French officials. There is a "positive reception," one said.
European banks are also facing U.S. sanctions-busting action is Deutsche Bank and Commerz bank, although not expected to be as severe blow to France. French bank Societe Generale and UniCredit are also under scrutiny.
In Berlin, officials said Germany had agreed to support Paris, said it supports a common EU approach to the extraterritorial jurisdiction of the United States. Berlin saw the union-wide approach to effective discussion in Washington is easier than case by case basis.
U.S. Treasury declined to comment on specific enforcement actions, but reiterated the government's position that the financial institutions are not above the law.
"The U.S. government law enforcement or apply for a job in the United States and Bank of America, whether it is American or foreign financial institutions," Treasury spokesman said. "If foreign banks to work here, they need the United States to comply with the law, just as the law of Bank of America's overseas operations must be performed by them."
Most regulatory bodies have been rising for a long fine team in their efforts to strengthen the financial position of the bank's concerns about the impact of. Andrew Bailey, head of Britain's Prudential Regulation Authority, and in July warned that large fines, coming from the United States and other large jurisdictions have made efforts in the banks rebuild capital "considerable dent."
France reported record second-quarter loss record € 4.32bn fine American results, although strong performance so that it can maintain its core tier one capital ratio - 10 or more - a key measure of financial strength of each bank according to market requirements cent level.
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