#AceNewsReport – BRUSSELS:May.02: Since the introduction of tougher transparency rules, on corporate businesses and banks declaring interests, and not to put too firmer point on it, not favoring those that spend or invest more, over those that do not.
The days of EU lobbying costs are increasing as this report from EU Observer confirms.
Among those that have declared huge increases in spending are the internet giant Google, with the likes of JP Morgan Chase saying its lobbying costs in Brussels went up from €50,000 in 2013 to between €1,250,000 and €1,499,999 in 2014 – a 30-fold increase.
Goldman Sachs’ figures rose from €50,000 to between €700,000 and €799,999 in the same period – a 14-fold hike.
UBS climbed from between €200,000 and €250,000 to €1.7 million – a seven-fold increase.
Costs for Barclays, HSBC and Royal Bank of Scotland more than tripled, while costs for Banco Santander, BNP Paribas, Deutsche Bank, Danske Bank, and Raifeissen doubled.
Financial sector trade associations also posted huge hikes, including: the European Fund and Asset Management Association; International Swaps and Derivatives Association; European Private Equity and Venture Capital Association; and the Federation Banquaire Francaise.
The increases were posted in the European Commission’s transparency register in the run-up to Monday’s (27 April) deadline on more stringent reporting requirements.