Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-12-12-Speech-3-359"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2007-12-12"^^xsd:date2
dcterms:Is Part Of	lp_eu:Deposit-guarantee schemes (debate)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20071212.33.3-359"2
lpv:hasSubsequent	lp_eu:2007-12-12-Speech-3-3602
lpv:speaker	lp:Wolf Klinz2
lpv:spokenAs	member; Delegation to the EU-Mexico Joint Parliamentary Committee (2004-09-15--2009-07-13)3 substitute; IMCO (2007-02-05--2009-07-13)3 member; ECON (2007-01-31--2009-07-13)3 substitute; Delegation for relations with Australia and New Zealand (2007-03-15--2009-07-13)3 substitute; Delegation for relations with Switzerland, Iceland and Norway and to the European Economic Area (EEA) Joint Parliamentary Committee (2004-09-15--2009-07-13)3 unknown; Freie Demokratische Partei - Die Liberalen (2004-07-20--2009-07-13)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2007-05-23--2009-07-13)3 member; ALDE (2004-07-20--2009-07-13)3
lpv:translated text	". Madam President, Commissioner, ladies and gentlemen, as has already been said, deposit-guarantee schemes have again been in the public spotlight in recent weeks. The case of Northern Rock, whose branches were inundated with hundreds of customers rushing to withdraw their savings, and the question of investor compensation in the event of the Bank’s collapse are still fresh in our minds. This illustrates all too well that the global integration of financial markets poses challenges for Europe too. The increase in cross-border consolidation in the banking sector raises questions about supervisory jurisdiction, the appropriate coverage level of deposit-guarantee schemes and cross-border cooperation between these schemes. As we know, the European minimum coverage level is set at EUR 20 000, but of course it is actually far higher in many Member States. The funding of the guarantee schemes, however, is a matter for the Member States, and the structures of the schemes are quite diverse. For this reason the following points need to be clarified, and clarified quickly: the extent to which deposit-guarantee schemes need to be harmonised, their funding and the proactive use of resources for damage prevention. In the case of cross-border institutions, attention focuses in the event of a crisis on the supervisory structure, particularly in the case of group supervision, and on burden-sharing. If a subsidiary is operating in a host Member State and belongs to that country’s deposit-guarantee scheme but is subject to the supervisory authority of the home Member State by virtue of the principle of group supervision, a gulf is created between the supervision system and the deposit-guarantee scheme, and that is surely unacceptable and contrary to the interests of investors. I do, however, support the line taken by the rapporteur. Before we resort to legislative measures, the Member States should first eliminate remaining weaknesses in their deposit-guarantee schemes. At the same time, the Commission, acting as quickly as possible, should conduct targeted studies of cross-border risk management and a detailed analysis of the ways in which the various schemes are funded. On the basis of its findings, serious consideration can be given to legislative measures at a later date if they are shown to be expedient and necessary."@en1
lpv:unclassifiedMetadata	"ex ante"1

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