European Union (EU) officials are willing to offer some concessions to the UK with regard to the regulation of the banking industry, it has emerged.
According to Jonathan Faull, head of the financial services unit of the European Commission, the organisation's draft financial legislation can be flexible in order to permit Britain and certain other member states to tailor their own rules, Reuters reports.
The UK has expressed concerns that its own regulatory powers may be diluted by this EU ruling, but Mr Faull told an industry conference this need not be the case as policymakers are willing to include some exemptions.
"I am sure that this will end up in a perfectly reasonable set of rules, which will respect the general principles that we have wherever possible a single rule book in the EU," he noted.
This comes after Bloomberg reported that the European Banking Authority is considering changing rules relating to sovereign debt holdings.
By Asim Shah
