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