Brussels, 20/10/2011 (Agence Europe) - On Thursday 20 October, EU Internal Market Commissioner Michel Barnier pointed out that his department is examinng whether to ban the credit rating of countries in receipt of a structural adjustment programme, as is currently the case for Greece, Ireland and Portugal. He said his department was examining whether it would be legitimate to deal with such countries in a different manner, accusing rating agencies of not having seen the 2008 financial crisis coming. He critisied the destabilising effect of ratings that come out of nowhere and are not drawn up using any clear or objective methodology. He said conflicts of interest in the ratings market had to removed hook, line and sinker, particularly the “issuer pays model” of remuneration for agencies. The Commission is looking into a rotation system (see EUROPE 10476). Barnier said dependence on foreign ratings had to be reduced and where possible, he is removing references to rating agencies from EU legislation, like the draft CRD IV legislation to improve bank capital that will see the publication of rules in a few weeks' time, he said. (MB/transl.fl)