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BBVA under spotlight by FSA

Mon 22th Aug 2011

The Financial Services Authority (FSA) has broadened its regulation of a number of eurozone banks which operate in the UK.

Sky News has reported how the measure has come following criticism the watchdog received in the aftermath of the 2007/8 financial crisis.

Executives from a number of European banks have confirmed that the regulatory body has requested more in-depth information on matters such as their funding and policy on liquidity.

Furthermore, the FSA has also confirmed it is in close contact with the banks that it supervises. An executive at one of these banks under scrutiny commented "They have been on the phone more-or-less constantly."

Banks included in the close supervision include Spain's BBVA.

The FSA has also been involved in lengthy conversation with the regulators in the home countries of these EU Banks active within the UK. The regulator's greatest concern is that the UK subsidiary of a European bank would fail to meet its financial requirements because of a lack of funding.

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