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Banks resist ‘costly’ contract database, but EBA stands firm

By Bjarke Smith-Meyer ( May 11, 2015, 13:17 GMT | Insight) -- Banks have pressed European regulators to revise proposals that would require them to record details of their financial contracts in a central database, calling the plans “too imposing” and “costly.” But the European Banking Authority said it would need to be persuaded that anything short of a central database would allow lenders to determine their potential losses on derivatives.Banks have pressed European regulators to revise proposals that would require them to record details of their financial contracts in a central database, calling the plans “too imposing” and “costly.”...

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