Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-06-Speech-3-205"
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"en.20101006.15.3-205"2
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"Madam President, I am very aware that the economic crisis is far from over and that we do need lending in the wider economy. However, last week, we saw in Ireland that banks are still coming to the taxpayer for their bailouts.
We cannot continue to have the taxpayer bailing out banks. We need banks that are prepared to take risks, but they need the capital and liquidity to live within their means when those risks go wrong. This is a complicated piece of work, and one for which I would like to thank Mr Karas, but it is only part of the work, and we need the right resolution mechanisms too.
It is very clear from the number of amendments across the floor that MEPs want to look at the detail and at the impact. We must make sure a similar approach is taken to the collateral in the derivatives language. First of all, there is an impact assessment – it was done for Basel – but it is so cloaked in confidentiality that we cannot see it. Let us release it and use it.
When we make an international agreement, we need to make sure that it is implemented globally – not just here and in Wall Street, but globally. There are a number of places in this text where there is wriggle-room – paragraph 24, on minority interests and deferred taxes, paragraph 40 with its description of
and the new paragraph 43A.
Yes, Basel should look at networks of small banks supporting each other. They are doing that. However, my interpretation of the English is that we could, in some way, be seen to be pre-empting their conclusion.
Furthermore, it has been agreed that there will be a migration towards a full and binding leverage ratio. Let us not move away from that. I agree that, where we have good local practices, we should allow them to continue, but let us examine those in public and not bring in exemptions through the back door. The market will just assume that back door to be a way of promoting bad practices, rather than promoting good practices."@en1
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