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European Commission Spokesman's Briefing for 99-10-26

Midday Express: News from the EU Commission Spokesman's Briefings Directory - Previous Article - Next Article

From: EUROPA, the European Commission Server at <http://europa.eu.int>

MIDDAY EXPRESS

News from the Spokesman's midday briefing

Nouvelles du rendez-vous de midi du Porte-Parole 26/10/1999b


CONTENTS / CONTENU

  • [01] La Commission va procéder à une enquête approfondie sur l'opération de concentration Volvo/Scania
  • [02] Commission clears acquisition of FIH by Föreningssparbanken
  • [03] Commission welcomes report calling for more integrated EU repo markets

  • [01] La Commission va procéder à une enquête approfondie sur l'opération de concentration Volvo/Scania

    La Commission européenne a ouvert la seconde phase de la procédure en ce qui concerne l'acquisition de Scania par Volvo, deux grands fournisseurs européens de camions, d'autobus/autocars et de moteurs tant au niveau de l'Espace économique européen qu'à l'échelle mondiale. L'enquête préliminaire a en effet révélé que l'opération risquait de créer ou de renforcer une position dominante sur les marchés des poids lourds et des autobus/autocars, de sorte qu'une appréciation approfondie s'impose. La Commission dispose maintenant d'un délai de quatre mois pour prendre une décision finale.

    [02] Commission clears acquisition of FIH by Föreningssparbanken

    The European Commission has decided not to oppose the acquisition of the Danish company Finansieringsinstituttet for Industri og Håndværk A/S (FIH) by the Swedish banking group FöreningsSparbanken. Both FIH and Förenings- Sparbanken are active in wholesale banking and activities related to financial markets but the acquisition does not give rise to any significant addition of market shares.

    [03] Commission welcomes report calling for more integrated EU repo markets

    Alberto Giovannini, as Chairman of a group of financial experts offering advice to the European Commission on capital market integration in EMU (Giovannini Group), submitted today a report entitled "The EU repo markets : opportunities for change". The report illustrates the importance of European sale and repurchase ('repo') markets for the operation of both the money markets and securities markets. The European System of Central Banks uses repos as its main monetary policy tool, to provide, and drain, liquidity from money markets. Financial institutions use repos to manage their own liquidity position, but also to support their bond and share market-making activities. The report finds that domestic repo markets are operating satisfactorily but the growth of the cross-border EU market is being held back by fragmented infrastructures, different market practices, and hard-to-reconcile legal and fiscal frameworks. It makes concrete recommendations to financial market operators, infrastructure providers and national and EU authorities on how to improve the situation in order to achieve a truly integrated and efficient EU capital market.

    MIDDAY EXPRESS


    From EUROPA, the European Commission Server at http://europa.eu.int/
    © ECSC - EC - EAEC, Brussels-Luxembourg, 1995, 1996


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