| Author (Corporate) | European Commission: Press and Communication Service |
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| Series Title | Press Release |
| Series Details | IP/02/713 (15.5.02) |
| Publication Date | 15/05/2002 |
| Content Type | News |
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The European Commission has welcomed the European Parliament's definitive approval on 15 May 2002 of the proposal for a Directive on collateral. The Directive will create a clear and uniform EU legal framework to limit credit risk in financial transactions through the provision of securities and cash as collateral. The Directive is a priority measure under the Financial Services Action Plan (see IP/00/1269), endorsed by the Lisbon and Stockholm European Councils as a key element in the making Europe's economy the most competitive in the world by 2010. Collateral is already a huge market in the EU, with the total value of outstanding contracts on the market for repurchase agreements ('repos') alone estimated to be worth around 2 trillion euros. |
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| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/02/713&format=HTML&rapid=0&language=EN&guiLanguage=en |
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| Subject Categories | Internal Markets |
| Countries / Regions | Europe |
