The EU parliament and Council have approved the Credit Rating Agency Regulation, which will become directly applicable in member states, with a six-month implementation period allowed. Any credit agency that wants its ratings to be usable under EU regulation must apply for registration and abide by new rules.
The problem with credit insurance is that it only ever becomes important when cover is withdrawn, so the Budget confirmation that the government would step in to restore some of the cover that has been withdrawn from the market was a welcome move.