Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-054"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2006-07-03"^^xsd:date2
dcterms:Is Part Of	lp_eu:Crisis of Equitable Life (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20060703.13.1-054"2
lpv:hasSubsequent	lp_eu:2006-07-03-Speech-1-0552
lpv:speaker	lp:Charlie McCreevy2
lpv:spoken text	". Mr President, I should like to pay tribute to the excellent work already carried out by the Committee of Inquiry into the Equitable Life affair under the leadership of Ms McGuinness and the rapporteur, Ms Wallis. The interim report under discussion today provides a useful summary of the committee’s mandate and programme of work. As the report says, it is too early to draw conclusions. The committee continues to collect evidence. We all await with interest the second report of the UK Parliamentary Ombudsman. The Commission has, from the start, declared its readiness to cooperate fully with the Committee of Inquiry. We have provided all the documentation and information requested by the committee and will continue to provide whatever support we can. I will be more than happy to appear before the committee in November. The Equitable Life affair has caused much anguish and financial loss for many citizens and we must draw appropriate lessons for the future. In that context, our ongoing Solvency II insurance project is aimed at contributing to the financial strength of all EU insurance undertakings. Solvency II intends to enhance policyholder protection and to overhaul and deepen EU regulation and supervision in the insurance area. Risk-oriented calculations of the solvency requirements of insurance undertakings would be introduced. Under Solvency II, the calculation of insurance liabilities will be harmonised and convergence of supervisory practices will be fostered. I am confident that those efforts will create a framework that helps to prevent this kind of financial crisis happening again."@en1
lpv:unclassifiedMetadata	"Charlie McCreevy,"1 "Member of the Commission"1

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