The European Union will not allow 10 largest banks in the debt tool market to engage in the organization of bonds worth almost a trillion dollars. We are talking about 800 billion euros (970 billion dollars), which are planned to be attracted to the restoration of the European economy, but access to a profitable deal will be closed by banks involved in anti-monopoly scandals, Financial Times writes.
We are talking about such serious players like Jpmorgan, Citigroup, Bank of America and Barclays, also included in the number of worldwide banks in terms of assets. They reported that participation is impossible for them because of the former scandals associated with unscrupulous actions in the market, sources are approved with the situation.
Banks that ignored competition legislation will not be invited to participate in the tender, explained the representative of the European Commission. “The Commission strictly intends to make sure that the organizations with which she works are worthy to act partners of the European Union,” said the representative of the department.
The list of organizations detached from the transaction includes seven of the 10 largest banks on the volume of debt tools sold this year at the European government level and interstate level.
The issue of bonds for the restoration of the economy, about which the European Union states agreed at the end of last year, will make Brussels one of the largest borrowers of the region, notes Financial Times. In 2020, the EU also put the record, attracting borrowed funds using bonds based on the help of the economy during the coronavirus crisis period.
It is assumed that this year 30 percent of the bonds will be green. “International investors will know that by investing in Europe, they invest in our planet’s health,” Noted Head of the European Commission Ursula Background der Lyien in April.