July 11, 2011 / 10:46 AM / in 7 years

RPT-EU to propose curbs on credit ratings on bank capital

(Repeats to fix transmission fault)

PARIS, July 11 (Reuters) - Europe is to propose limiting an over-reliance on ratings provided by credit agencies to determine how much capital banks hold, and will be more demanding on how the agencies rate sovereign debt.

Michel Barnier, the European commissioner for financial regulation, said he will make the proposals to limit the over-reliance on ratings on July 20.

“We need to be more demanding when it comes to how credit rating agencies rate sovereign debt,” Barnier said.

“We will also make other concrete proposals before the end of the year to limit over-reliance to deal with insurance, asset management and investment fund sectors.” (Reporting by Huw Jones; Writing by Steve Slater; Editing by Greg Mahlich)

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