Commission urged to fire auditors PwC from bank transparency study

On the 2 July 2014, development aid organisations called on the European Commission to oust auditors PwC from an impact study on country reporting for EU banks, saying the company had lobbied against the legislation and therefore had a conflict of interest.

Despite having lobbied against the transparency initiative, PwC was employed to assess the economic consequences of making public data from banks regarding their turnover, staff numbers, taxes paid and subsidies received in each country they operate in.

The European Commission rejected on the 14 July 2014 to sack PwC from the bank transparency study.

Public country by country reporting for EU banks is part of the fourth Capital Requirements Directive. From 2015, this information should be made public, unless there are significant economic disadvantages to its publication. In that case, the Commission can delay publication.

EurActiv reported in October 2014 on the findings of the report PwC prepared for the European Commission on the impact of the CDR4

• Primary Source

ESO: Background information: Ombudsman opens investigation into Commission's expert groups http://www.europeansources.info/record/press-release-ombudsman-opens-investigation-into-commissions-expert-groups/

ESO: Background information: Brussels defends track record on lobbying transparency http://www.europeansources.info/record/brussels-defends-track-record-on-lobbying-transparency/

ESO: Background information: CRD IV – Remuneration – Regulatory Technical Standard on Identified Staff – Frequently Asked Questions http://www.europeansources.info/record/memo-crd-iv-remuneration-regulatory-technical-standard-on-identified-staff-frequently-asked-questions/

Eurodad: Press Release, 02.07.14: CSOs protest as European Commission hires opponent of corporate transparency to assess corporate transparency http://www.eurodad.org/Entries/view/1546233/2014/07/02/CSOs-protest-as-European-Commission-hires-opponent-of-corporate-transparency-to-assess-corporate-transparency

EurActiv, 14.07.14: Barnier rejects calls to sack PwC from bank transparency study http://www.euractiv.com/sections/euro-finance/barnier-rejects-calls-sack-pwc-bank-transparency-study-303455

EurActiv, 02.10.14: Publishing banks' taxes and turnover will help the economy, says PwC http://www.euractiv.com/sections/euro-finance/publishing-banks-taxes-and-turnover-will-help-economy-says-pwc-308902

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