Ever heard of him (yes its a bloke)? Thought not.
Well he is probably the most powerful person on the planet second only to Ben Bernanke. He is loved by #occupy lovin' anti-capitalists and feared by governments and bankers alike. Credit Rating Agencies hang onto his every word. He is one of the reasons the UK played its Euro treaty veto trump card. He was recently compared to the Ayatollah Khomeini by the Italians which is telling because he used to be the head of the Supervisory Regulations and Policies Department at the Bank of Italy.
So who is he? Well he is Cambridge educated, has Mervyn King's cell number, and heads up the European Banking Association. The EBA is not even a year old but every pronouncement it makes causes the markets to spasm and Bankers to fear for their bonuses. Last week he said European banks needed an additional EUR115bn capital. That means rights issues, no bonuses, bail outs, no lending. He wants to turn them into pension funds. Now if the banks need to also pump cash into the Euro-Tarp, that number will be much larger.
Odd that now the UK is no longer European the EBA is looking for office space in ....London.
Italians take Andrea to court (sharecast)
Germans give Andrea a hard time (speigel)
Poundland (pronounced Poland) (poundland)
EBA to make hostile bid for the BBA, FSA and BoE.