Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-05-06-Speech-3-075"
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"en.20090506.3.3-075"2
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"Commissioner, I deplore the absence of the Council Presidency. Mr McCreevy, you have made your mandate as commissioner for the internal market one of regulatory standstill. Unfortunately – I do not know how to phrase this – you should have changed your mind and ultimately taken the advice of the Socialist Group in the European Parliament which, when Mr Katiforis’s report was presented, told you that legislation on rating agencies was needed, or you should have listened to our rapporteur, Mr Rasmussen, who told you that retention on securitisation needed to be introduced in the banking sector.
Finally, you should have also decided to introduce guarantees for bank deposits. You see, the regulatory holiday is not news. Fortunately, we will no longer have to address these issues with you in the next parliamentary term. I say this because the last proposal that you submitted to us on alternative funds and investment funds was unreasonable, and the fact that you will not even agree to come and discuss it with the Committee on Economic and Monetary Affairs proves it.
As for Mr Karas’s report, I think it is an important report that we should adopt today, because it gives the signal, within the Union, to our banking sector and to all our G20 partners that retention must be introduced for securitisation. Own funds must be defined better. In future, there will need to be more transnational supervision of groups, and integrated supervision along the lines of Jacques de Larosière’s report. Finally, we have to organise clearing houses for derivatives and credit default swaps.
I would also like to thank Mr Karas for the way in which we have been able to re-open the trialogue so that we will be able, in the period before this directive comes into force, to revise the retention threshold. Having ordered studies, and having given CEBS a mandate to determine under which conditions this retention should be expertly planned, we have been able to verify whether the 5% threshold that we are going to vote on today was the appropriate threshold, even more so now that we have corrected the scope of the retention by making what I believe was the right choice and getting rid of the guarantees sought by Mr Purvis.
As for Mr Hoppenstedt’s report, I wish to thank him most sincerely, as I believe that, here, we are getting involved, usefully and positively. In the past, the Commission would tell us that it could not fund level 3 committees; today, it is possible even before these committees become agencies. We welcome this. At the rapporteur’s instigation, both the operating costs and the project costs will thus be eligible for funding, and Parliament will have a clear insight into the nature of the projects being funded in this way. We can only welcome this; it is along the right lines.
Finally, in relation to accounting standards and the conditions in which international organisations contribute to their drafting, we have put pressure on these organisations so that they improve their governance and define their roles better. I believe that in this area, too, the European Parliament, with Mr Hoppenstedt’s report, has done a useful job, and I wish to thank all of the rapporteurs, as well as this House if, as I hope, it adopts these two reports by a large majority later on."@en1
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