European Banking Federation

The European Banking Federation dismissed the plan as 'nonsense'.

European Banking Federation.

The European Banking Federation accepts a minimum rate of a 10 % withholding tax, but rejects the regime of information.

Burcak Inel, financial markets adviser at the European Banking Federation, a trade group, said the notification requirement slowed transactions down and increased their cost.

He is also President of the European Banking Federation and a Director of ICI.

For the Euro, however, the usual reference rates are the Euribor rates compiled by the European Banking Federation, from a larger bank panel.

As well as this he is a member of the Executive Committee of the European Banking Federation, representing the interests of commercial banks across the continent.

-Christian Clausen, president of the European Banking Federation, head of the Swedish bank Nordea, called the proposal "unnecessary" and "completely wrong."

The European banking federations must submit a complete overview to the Commission by 31 March at the latest, and at that time the Commission will undertake a full evaluation of the situation.

In 1999, while the euro was launched, ACI created the Euribor ACI, in cooperation with the European Banking Federation (EBF).

Commissioner Monti, after he met the European Banking Federation on 29 January said: 'I intend to examine in a communication what remains to be done to improve the functioning of retail payment systems in the single market'.

The other widely used reference rate in the euro-zone is Eonia, also published by the European Banking Federation, which is the daily average of overnight rates for unsecured interbank lending in the euro-zone, i.e. like the federal funds rate in the US.

I should just like to make one comment on electronic payment: the Commission has tried to ensure that for the purposes of the changeover to the euro, European banking federations and associations move ahead with reducing charges for electronic payment. We have not, however, made any headway on this matter.

The European Banking Federation (abbreviated EBF or FBE in French) is an organization of the European banking sector, representing the interests of over five thousand European banks in 31 countries, with its members combining assets of over 30,000 billion Euro and around 2.4 million employees.