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EC competition division mulls over UK banking sector

The EC competition division has today openly suggested that "failure in the banking sector is something which should be tolerated in the longer term" which many see as a direct dig at the UK banking sector. It is no secret that the UK government has ploughed billions upon billions of pounds into the UK banking sector to proper up banks such as Lloyds bank and the Royal Bank of Scotland, although it has to be said that other EC members have also been doing this - with many having supported ailing industries for years.

Lloyds bank and Royal Bank of Scotland have also been threatened with a potential disinvestment of certain assets in order to receive clearance for the massive UK government stated. Whether this potential threat will disappear as and when the UK government disposes of its significant share stakes remains to be seen but there is no doubt that pressure is mounting on the UK government and the UK banking sector. In all, around 30 troubled banks across Europe may need to tweak their businesses in order to gain regulatory approval from the EU for their various levels of state aid.

There is a sneaking suspicion that the EU is using the financial downturn to feather its own bed and increase its regulatory profile throughout Europe.

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