Top Euro Lenders Push for Swift Action on Bank Regulation Overhaul

Eleven top European lenders have joined forces to push for swifter action on the European Union's plans to overhaul bank regulation. In a letter to top officials, including Europe's president Ursula von der Leyen and European Central Bank President Christine Lagarde, the bankers called for an immediate moratorium on any capital increases while the bloc develops broader reforms.

The region's acute funding needs demand such action, according to the lenders, which include Banco Santander SA, BNP Paribas SA, Barclays Plc, and UBS Group AG. The letter highlights the urgent need for change in order to spur lending and address the current economic challenges facing Europe.

The bankers' call for action comes as the European Union continues to work on overhauling bank regulation in an effort to boost economic growth and stability. The region's funding needs are a major concern, and the lenders believe that swift action is necessary to address this issue.