Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-26-Speech-1-101"
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"en.20050926.14.1-101"2
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"Mr President, I willingly join others in thanking the rapporteur, who has finally been able to demonstrate a sufficient ability to listen in order to reach an agreement which, while not to everyone’s satisfaction, is to the satisfaction of a large number of us. The highly technical nature of this directive could not disguise its fundamental character; the implementation of the Basel II Agreements at Community level is absolutely crucial for the banking industry in Europe.
Alongside other fellow Members, I have fought to oppose a logic of extreme harmonisation in the field of mortgage lending, and I am delighted to have won my case. The mortgage lending market, which is a German concept, is booming, particularly since the euro was introduced. With a sum of around EUR 1 600 billion, it is the largest sector of private lending. The fact is that maintaining the provisions that were initially envisaged would have meant bringing this activity - which involves the main financial centres of the European Union: London, Dublin, Paris and Luxembourg - to an abrupt end.
Covered bonds are one of the rare European products that Americans envy us; let us not turn them into an instrument doomed to obsolescence by applying overly restrictive criteria preventing the banks from using them for the purpose for which they are intended.
As mortgage bonds feature among the most secure financial instruments and benefit from the highest bond ratings, no one would have understood if we had headed towards a state of inflexibility and not allowed any leeway with regard to national regulation. The definition of mortgage bonds and the collateralisation threshold have, therefore, finally been put together in such a way as to be compatible with the existing items of legislation. That decision was necessary, even though I regret the fact that, in terms of lost given defaults, the directive goes far beyond what is required, with rates well above the losses that are, in fact, absorbed by the credit institutions.
I will conclude by making two remarks. Firstly, I note once again that the consolidation and harmonisation approach leads to a dead end. Let us not confuse the need for a common framework with egalitarianism. Secondly, the dialogue with the financial stakeholders can be conducted in complete transparency and to everyone’s satisfaction."@en1
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