Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-16-Speech-2-531"
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"en.20081216.46.2-531"2
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"Mr President, ladies and gentlemen, the recent financial crisis in which the international banking system has been heavily involved has raised many concerns among savers about the future and about the insecurity of their deposits.
To try to rectify the volatility and fluctuation of the markets, and the risk of banks with obvious or hidden liquidity problems failing to pay out, the European Parliament has drawn up a proposal for a directive, together with the Council, aimed at amending deposit guarantee schemes as regards the coverage level and the payout delay. With the aim of restoring general confidence, ensuring the correct operation of the financial sector and better protecting the deposits of individual savers and their families, the European Council of 7 October invited the European Commission to present an urgent proposal to encourage the convergence of deposit guarantee schemes within the European Union.
The measure to be adopted by Parliament today establishes an increase in the minimum level of coverage for private savers to at least EUR 50 000, recognising that many Member States are now looking at raising the minimum coverage to at least EUR 100 000. This directive also provides for a reduction in the payout delay, currently set at three months and extendable to nine months, to a maximum of a few weeks.
In a globalised economy and particularly in Europe where we are witnessing a proliferation of banks and branches, it is crucial for EU Member States to have effective cross-border cooperation between the bank in the country of origin and the bank in the host country. Such cooperation must safeguard guarantees and ensure swift payouts in the event of the insolvency or failure of credit institutions.
Lastly, since the revision of the European Commission directive limits coverage to depositors who are natural persons, I think it would be appropriate to extend this slightly to cover small and medium-sized enterprises; they are actively involved in the production processes of the EU economy and represent irreplaceable human and social assets. SMEs should now, however, be granted legal protection that would not only keep them from the risk of the insecurity caused by bank failures, but would also enable them to operate from a position of greater competitiveness and improved economic, financial and employment stability."@en1
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