Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-16-Speech-2-529"
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"en.20081216.46.2-529"2
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"Mr President, Commissioner, ladies and gentlemen, the financial crisis has put the operation of deposit guarantee schemes to the test in the European Union. The resulting tensions have shown that the inadequacies in their coverage and operation have shaken depositors’ confidence and that the unilateral measures adopted by some Member States to address the situation have a significant cross-border impact and destabilising effects. That has increased demand for joint action to correct the failings detected and to carry out a thorough review of the regulatory framework.
The text that has been negotiated reflects the excellent work done by Mr Ehler, who put together an ample consensus in the Committee on Economic and Monetary Affairs. Its adoption will, at first reading, give the green light to a reform addressing two urgently needed issues: raising the level of coverage, and shortening payout delays. It also lays the foundations for a review to harmonise bank deposit guarantees across the European single market.
I welcome the proposal to raise the guaranteed coverage level for deposits initially to a minimum of EUR 50 000 and to consider harmonising it at EUR 100 000 by the end of 2010, depending on the impact assessment to be analysed by the Commission, taking into account consumer protection, financial stability and competition.
The power given to the Commission to adjust the amount in line with inflation, in accordance with the regulatory procedure with scrutiny, is also appropriate.
Reducing the payout delay from the current three months to 20 working days after the administrative decision or judicial ruling, and assessing a possible reduction to 10 working days, is an appreciable improvement, as is the introduction of the concept of emergency payouts and the obligation to provide depositors with the information they need on the applicable guarantee scheme.
I fully support the requirement for the Commission to produce a thorough report by the end of 2009, addressing important aspects such as harmonisation of the funding mechanisms of the guarantee schemes, justification of full coverage in specific cases, the costs and benefits of a Community guarantee scheme, and the links between deposit schemes and other alternative means."@en1
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