16 Sep 2011

UK govt taking legal action against ECB

3:00 pm on 16 September 2011

The British government has started proceedings at the European Court of Justice against the European Central Bank over a planned change to EU banking rules.

The ECB's plans would require clearing houses that handle more than 5% of the market in a euro-denominated financial product to be based in the eurozone.

Arguing that this would contravene European law, the Treasury has begun proceedings at the European Court of Justice.

A Treasury spokesperson said the government will not shy away from continuing legal action to make sure there is a level playing-field across the EU for British businesses.