UK banks 'will not disclose' eurozone exposure

12 August 2011

A number of banks in the UK are failing to disclose details of their levels of exposure to eurozone governments, it has been suggested.

Sky News reports that some lenders are resisting the demand made by the Financial Services Authority (FSA) to come up with a template for identifying sovereign debt holdings prior to the publishing of their annual results in 2012.

The FSA - which is an independent organisation set up by the government that is responsible for financial services regulation in the UK - has been holding talks with institutes such as Barclays, HSBC and Royal Bank of Scotland of late with regard to how they disclose government arrears.

However, a number of bankers said the measures are unnecessary because the industry already has a code in place for such dealings.

One bank executive told the news provider: "We believe that we are best-placed to decide which information to disclose to investors."

By Tony Aynsley

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development