China central bank asks EU to reconsider 30-billion-euro threshold for IPU

BEIJING (Reuters) – China’s central bank said on Tuesday it hoped European authorities would reconsider proposed rules on a threshold of 30 billion euro needed to set up an Intermediate Parent Undertaking (IPU).

It also asked the Council of the European Union to reconsider its rules and not to include the total assets of branches at non-EU financial institutions in their calculations on the setting-up of an IPU.

The joint letter, issued by the People’s Bank of China and China Banking Regulatory Commission, was in response to suggestions by the Council of the European Union in November.

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