The credit rating agencies' watchdog is facing a showdown with the European Commission (EC) next month over agencies' slow response in highlighting problems stemming from America's collapsing sub-prime mortgage market, the Times reports.
Charlie McCreevy, the EU internal market commissioner, has written to Eddy Wymeersch, the chairman of the Committee of European Securities Regulators (CESR), requesting a meeting where, according to a spokeswoman for the EC, they will discuss "the speed of response to market evidence of a shift in credit quality". HBOS HAS SHELVED PLANS to mount a £1.6 billion takeover of Quintain Estates & Development as continuing turmoil in credit markets claimed another high-profile deal casualty yesterday, the Times reports. The shock move comes just a month after HBOS built up a near 14 per cent s...
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