Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-06-Speech-3-202"
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"en.20101006.15.3-202"2
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"Madam President, ladies and gentlemen, let me just point one thing out before I start. The Basel Committee is a group of more or less intelligent central bankers and overseers, but it is certainly no infallible council of wise men and it is definitely not the law. This House is the legislative body – Commissioner, you know that, and we know that you do – and this legislative body will pay close attention to what is put on the table and, where it makes sense, to what is put on the table here, too.
Clearly, we do want the rules on capital requirements to be tightened up. How could we not want that, in the wake of the economic crisis in which we still find ourselves? 20 to 30% of the gross national product of our national economies are in pawn as the rescue package for the banks. The people expect us, of course, to make respectable banking rules so that we do not find ourselves in a crisis like this one again. Clearly, we want there to be counter-cyclical elements in this banking safeguard like those, for example, that have already been proving their worth in Spain for years. Although there, too, they had to be implemented in the face of opposition, they are paying off today because they were implemented at an appropriately early point and they did not make the banking system worse; they made it more robust.
There are key issues, though, and I am truly grateful to the rapporteur, Mr Karas, for having put these key issues at the heart of his own-initiative report, which we find ourselves absolutely and totally able to support. The first of these is that, yes, indeed, we do need an impact study, specifically a complex impact study that makes it clear what the impact is, for one thing, on the financial sector in all its parts but also, of course, in particular, what the impact is on the real economy. What is the impact on the issue of what the future actually holds for loan financing conditions for small and medium-sized enterprises?
The second issue is that we need the certainty that this time, unlike in the past, the agreements will also be implemented in other territories. We need to know that before we legislate, as otherwise there will be a new asymmetry for which we cannot be responsible.
The third issue is that there can be no discrimination in terms of legal forms. Those forms among the diversity of the European banking system that particularly proved themselves during the financial crisis – and that means those banks that looked after the small and medium-sized business sector and those banks that were focusing on private customers and thus did not elicit cross-border risks – must not be penalised for the solidarity of their establishment. The proposal on the table at the moment does not do enough to ensure this. We therefore believe that the proposals need to now be improved and that we need to consider how we can tackle this issue in practical terms. Public banking overall is of major value, provided it can be run on a sensible basis. We do also need to ask – and I am thinking here about silent partnership reserves – how this will actually be effected in future, if we buy the regulations as they are envisaged in Basel. This cannot be the last word, nor is it the final version that we will accept.
The capital instruments need to be measured in order to see the extent to which they ensure consistent quality without false provisos, are available to absorb losses, are durable and flexible in terms of payment, as the rapporteur also argues in his report. It is a reasonable starting position for us to take. We want the leverage effects to be limited and reasonable allowance to be made for the different risk profiles. We will examine your proposal, therefore, Commissioner, and we hope for the best of cooperation with Parliament."@en1
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