Brussels has delayed the introduction in the European Union of a radical overhaul of accounting rules for banks and insurers which yesterday came into force across most of the rest of the world outside the US.
The move follows a deep split between European financial institutions over the new rules on the way they value assets in their accounts.
Analysts say some French, German and Italian banks with large investment banking activities would be hit disproportionately by the changes, forcing them to book losses on large holdings of derivatives.
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