Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-01-15-Speech-1-056"
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"en.20010115.5.1-056"2
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".
Mr President, the market and national authorities have been looking forward to the directive on the reorganisation and the winding-up of credit institutions coming into effect for some time now. This directive, in fact, aims to provide a guarantee with regard to the regulations which, in an organic manner and in a way which is specifically tailored to the sector, govern the institutions, the assets, the rights and business relations when a bank, which is active in different EU Member States, gets into difficulty or goes under. This directive spearheads the action plan for financial services.
In its common position, established by qualified majority, the Council displayed a discerning and keen insight into the specific characteristics of the banking sector which set it apart from the rest, both in terms of the insolvency procedure in general and compared to other financial sectors, such as the insurance business and the stocks and shares industry. This is why Article 20 of the common position grants the banking sector special treatment on a number of scores. This special treatment does not in any way prejudice the harmony and logic of a set of rules for the financial services as a whole. Quite the reverse, in fact; it does justice to the specific characteristics of banking, thus giving a better guarantee for stability and legal certainty.
The report by Mrs Peijs, on which I would like to congratulate her on behalf of the Commission, and in respect of which I would like to endorse the compliments extended by Mrs Villiers and Mr Skinner, which welcomes the common position for the most part, proposes a number of amendments to Article 20, as was explained earlier this afternoon.
The Commission can approve the purport of these amendments, barring one. It objects, at least in principle, to Amendment No 1 with regard to repurchase agreements. After all, it is of key importance that the banks know in advance what legislation will govern repurchase agreements.
As it happens, Mrs Peijs, on behalf of the PPE-DE Group, has tabled five new amendments. These amendments draw the amendments adopted by the Economic and Monetary Commission together in a coherent manner which does justice to the special position of the banking sector. Under a different guise, the new amendments take into consideration the specific requirements which are prescribed in the banking sector with regard to netting agreements, repurchase agreements and agreements and transactions within regulated markets. The Commission can go along with the spirit of these amendments, as is apparent in its explanatory statement. If the five new amendments are adopted by this Parliament, the Commission can assent to the spirit of all amendments proposed in Mrs Peijs’ report, including Amendment No 1. However, the wording of all amendments – and I am also making this point in response to comments made by Mrs Villiers – would then have to be adapted in order to guarantee the compatibility and consistency of these amendments with Article 20."@en1
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