Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-23-Speech-4-264"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2009-04-23"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20090423.58.4-264"2
lpv:hasSubsequent	lp_eu:2009-04-23-Speech-4-2652
lpv:speaker	lp:John Purvis2
lpv:spoken text	"While the credit rating agencies have to accept some degree of blame for the failures in the securitisation of sub-prime mortgages which led to the financial crisis, it is with some regret that the UK Conservative delegation has voted to accept the plans to regulate the CRAs drawn up in the Gauzès report. CRAs should not be seen as a scapegoat, given that equally at fault were the banking and regulatory culture that relegated risk strategies to the back rooms. We hope that the EU, the United States and the CRAs can work together to create a system that operates properly. For this to happen, a heavy-handed regulatory approach needs to give way to one that accepts the element of risk in all investments and which allows a degree of acceptance of ratings undertaken outside the scope of what we have today voted. Above all, it needs to be flexible enough to adapt to new circumstances and to let the market breathe."@en1
lpv:spokenAs	member; EPP-ED (2004-07-20--2009-07-13)3 unknown; Scottish Conservative and Unionist Party (2004-07-20--2009-07-13)3 member; Delegation for relations with Iran (2007-03-14--2009-07-13)3 substitute; ITRE (2007-01-31--2009-07-13)3 member; Delegation for relations with the Mashreq countries (2007-03-14--2009-07-13)3 vice-chair; ECON (2007-02-01--2009-07-13)3 substitute; Delegation for relations with the Gulf States, including Yemen (2007-03-14--2009-07-13)3
lpv:unclassifiedMetadata	"John Purvis (PPE-DE ),"1 "in writing"1

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