Daily Express - EU QUANGOS REGULATE UK BANKS

Hector Sants said EU quangos now control the UK’s banks and its financial system

Monday May 23,2011

By Daily Express Reporter

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THE full extent of the EU’s grip on Britain’s financial system has been laid bare after the UK’s financial watchdog admitted it was simply Europe’s “supervisor”.

Hector Sants, head of the Financial Services Authority, made his admission as he announced a major shake-up of Britain’s regulatory regime.

At a press conference to announce the creation of the Prudential Regulatory Authority, Mr Sants said EU quangos now control the UK’s banks and its financial system. He said: “The PRA will essentially be a supervisory arm of the European regulatory regime.”

Mr Sants’ revelation that Brussels was prising loose Britain’s grip on its own banking system was underlined by Olli Rehn, EU commissioner for economic affairs.

Mr Rehn told business leaders three super-quangos had taken over the regulatory role of the continent’s 27 national banks, including the Bank of England. They are the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority.

Tory MP Douglas Carswell criticised the move. “Given the financial mess in the eurozone, the last thing we should be doing is handing control of the City of London to the EU.

The unelected bodies have the power to impose rules on the UK’s banks and financial institutions. Mr Rehn said it meant the European Commission can bypass dissenting member states. He admitted: “The veto’s been weakened.”

Just how does this happen? And more importantly where was the resistance from our MPs? Another act of EU subversion leaves us with the Bank of England effectively out of our control.

How healthy is it for a democracy such as the UK to be governed by unelected foreign bodies? Our political structure is steadily becoming  non-functional, so what's the point of electing the same old MPs if all they do is follow the EU agenda at the cost of the British peoples sovereignty? 


  

Read more: http://www.express.co.uk/posts/view/248261/EU-quangos-regulate-UK-banksEU-quangos-regulate-UK-banks#ixzz1N9tJtA8N