Wednesday, October 23, 2019 | ePaper

Top EU banking regulator moves to lobbying, drawing anger

  • Print
AFP, Brussels :
A top EU banking regulator was named as head of one of Europe's most important financial lobbies on Tuesday, drawing criticism from advocacy groups and MEPs.
Adam Farkas announced his resignation - effective January 31, 2020 -from the European Banking Authority that he led since its creation in 2011 in the wake of the financial crisis.
Farkas on Tuesday was named CEO of the Association for Financial Markets in Europe, a powerful lobby for "the leading global and European banks and other significant capital market players," according to the AFME website.
"We carried out an extensive search of the pan-European market and Adam was clearly the outstandingly qualified candidate," AFME chairman Michael Cole-Fontayn said in a statement.
The move has drawn criticism since it was first reported in the media earlier this month.
It recalls the furious reaction when former European Commission chief Jose Manuel Barroso took a job in 2016 at investment bank Goldman Sachs after 10 years at the head of the commission from 2004 to 2014.
Then French president Francois Hollande branded Barroso's recruitment "morally unacceptable".
"As you are aware, the Executive Director of the EBA is required after leaving service 'to behave with integrity and discretion as regards the acceptance of certain appointments or benefits'," a letter from NGO Finance Watch said.
"In our view, moving directly from senior banking supervisor to senior banking lobbyist would not demonstrate these qualities, quite the opposite," said the letter, which was signed by BenoOt Lallemand, the head of Finance Watch.
In announcing the departure, the EBA on Tuesday said it had posed conditions on Farkas' new job after carrying out an assessment.
Farkas "will no longer participate in the EBA's policy and supervisory work and will focus exclusively on operational matters" until his departure, it said in a statement.

More News For this Category

M. Shahidul Islam, Managing Director of Shahjalal Islami Bank Limited, handing over a cheque to Sajida Rahman Danny, President of Parents Forum for Differently Able (PFDA), at the bank's head office in the city on Tuesday. PFDA is mainly a non-government organization, working for eradicating Autism, Cerebral Palsy Down syndrome as well as intellectual & Neurological Disabilities from the Country. Top officials from both the sides were also present.

M. Shahidul Islam, Managing Director of Shahjalal Islami Bank Limited, handing over a cheque to Sajida Rahman Danny, President of Parents Forum for Differently Able (PFDA), at the bank's head office in the city on Tuesday. PFDA is mainly a non-government organization, working for eradicating Autism, Cerebral Palsy Down syndrome as well as intellectual & Neurological Disabilities from the Country. Top officials from both the sides were also present.

ECNEC approves five projects involving Tk 46.37b

The Executive Committee of the National Economic Council (ECNEC) has approved a total of 5 projects during its meeting on Tuesday involving an overall estimated cost of Tk 46.37 billion.The

Tipu urges India to remove trade barriers

Business Desk :Commerce Minister Tipu Munshi on Tuesday urged India to remove all tariff and non-tariff barriers to help Bangladesh increase its exports to the neighbouring country."Bangladesh is the largest

Mannan for achieving development goals thru united efforts

Economic Reporter :Planning Minister MA Mannan on Tuesday urged the authorities concerned to work together to achieve the targets of development by ensuring 100 percent renewable energy in Bangladesh."The government,

BTCL offers free land phone connections marking 'Mujib Year'

Business Desk :Bangladesh Telecommunication Company Limited (BTCL) will give land phone connections to the intending clients free of cost marking the 'Mujib Year', the birth centenary of Father of the

Syed Waseque Md Ali, Managing Director of First Security Islami Bank Limited, inaugurating its Noapara Bazar branch at Madhabpur in Habiganj on Monday. Md. Mustafa Khair, DMD, Kazi Motaher Hossain, Sylhet Zonal Head, S M Nazrul Islam, Head of General Services Division, senior officials of the bank and local elites were also present.

Syed Waseque Md Ali, Managing Director of First Security Islami Bank Limited, inaugurating its Noapara Bazar branch at Madhabpur in Habiganj on Monday. Md. Mustafa Khair, DMD, Kazi Motaher Hossain, Sylhet Zonal Head, S M Nazrul Islam, Head of General Services Division, senior officials of the bank and local elites were also present.

Two more cos recommend dividend

Economic Reporter :Two more listed companies - Wata Chemicals Ltd and Bangladesh Autocars Ltd - have recommended dividend for the year ended on June 30 in 2019, according to separate

City Bank declares its 3rd quarter 2019 financial performance

City Bank declares its 3rd quarter 2019 financial performance

Business Desk :City bank presented its 3rd Quarter 2019 financial performances through an 'Earnings Disclosure' event organized on Monday at the bank's head office. Existing and potential investors across the

3-day digital marketing training ends in Rajshahi

BSS, Rajshahi :A three-day digital marketing training for SME Products ended on Tuesday with the call for expanding the marketing scopes of the SME products making the best use of

BSTI files cases against petrol pumps for measurement manipulation

Economic Reporter :Bangladesh Standards and Testing Institution (BSTI) filed cases against 10 petrol pumps over three days till Tuesday for alleged weight and measurement manipulation of different types of fuel.Different