Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-26-Speech-1-093"
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".
Mr President, ladies and gentlemen, the object of this draft directive is the implementation of Basel II in the European Union, thereby establishing a basis on which the financial markets may be made more stable. Banking supervision can be made more efficient and greater weight attached to the risk element involved. The directive will also impose minimum standards for high-risk businesses.
In the Committee on Economic and Monetary Affairs, we have discussed Basel II in depth and worked our way through some 900 amendments, along with a whole array of compromise amendments that the rapporteur, Mr Radwan, drafted together with Mr Ettl and myself. I would like at this point to express my gratitude for the high degree of trust in all this and for the constructive cooperation that we enjoyed. In the ensuing troika discussions, the Council accepted many of Parliament’s amendments, and we managed to extract several concessions and compromises from it, with the effect that the technical substance of Basel II can be regarded as balanced. Speaking as a Liberal, I am particularly glad that we have managed to come up with rules that are capable of ensuring fair competitive conditions between the various groups in the banking sector.
This is a package that the Liberals and Democrats can strongly endorse. It does, however include two amendments on Islamic loans and mortgages, and one on energy companies, to which we cannot give our backing, for Basel II was not intended to be used as a means of putting in place special safeguards for certain sectors of industry or creating special conditions for them. Despite that, we will, as a group, be voting in favour of the whole package.
It was our group that introduced the amendments relating to the trading book
We see it as a very good thing that the good and fast work done by the Commission has now made it possible for these to be adopted in the course of the voting on Basel II, thus ensuring consistent implementation in this area.
Discussion of Basel II has of course touched on the subject of comitology, something about which all speakers have already had something to say. The importance and usefulness of the comitology procedure is not a matter of dispute for any of us; it is a means whereby the rules implementing basic acts may be speedily enacted, but it is a procedure that must not be allowed to undermine Parliament’s prerogatives, for the enhancement of which the Constitutional Treaty makes provision. Uncertain though the future of that Treaty may be, Parliament’s concerns still matter and are still relevant. As was only to be expected, the troika negotiations on comitology proved to be particularly problematic. Weeks of pressure on our part prompted the Council to create a working party called ‘Friends of the Presidency’, which Commissioner McCreevy mentioned, thereby acknowledging for the first time the need for a new inter-institutional agreement and for action to be taken. We cannot, though, be satisfied with mere promises. What we want is a definite date by which there will be a new inter-institutional agreement to reinforce our rights
To the Council, we propose 1 January 2008 as the date for the sunset clause, and now await its response, which we hope will turn out to be favourable."@en1
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