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BRUSSELS, Nov 22 (Reuters) - Top American or Asian bankswill have to hold enough capital buffers for their activities inthe European Union to face crisis without help from theirheadquarters, a draft EU law says, according to officialsfamiliar with it.
The provision is included in a reform of EU rules for banks'capital requirements aimed at ensuring that large lenders areable to sustain significant losses without requiring a statebailout.
Non-EU global systemic banks or foreign lenders with EUassets of at least 30 billion euros will be required to set upan "intermediate parent undertaking" for their entities in theEU, which will need to abide by capital requirements as astand-alone company, regardless of the financial soundness ofits parent company, according to the draft proposals.
This is likely to increase costs for the EU operations oflarge U.S. banks, such as Citigroup, JPMorgan Chase or Goldman Sachs, and for their Japanese andChinese counterparts with activities in the EU.
The plan, meant to increase banks' safety and mirroringexisting U.S. regulations, may also hit top British banks, suchas Barclays or HSBC, after Britain quits theEuropean Union.
The proposals will be unveiled by the European Commission onWednesday and will need the backing of EU states and Europeanlawmakers to become a law.
(Reporting by Huw Jones and Francesco Guarascio; Editing byRaissa Kasolowsky)
