Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-07-Speech-4-338"
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"en.20101007.29.4-338"2
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"At the heart of the financial crisis were banks taking excessive risks and failing to hold enough capital to cover those risks. The failures of those banks have brought on a crisis which continues to severely hurt citizens around the world. Citizens have paid twice, with costs of a taxpayer bailout followed by the pain of recession and spending cuts. To prevent a repeat of such a crisis requires a fundamental revision of the financial regulatory framework and this must include a stronger capital framework for banks. Proposals to improve the Capital Requirements Directive are therefore central to creating stable and responsible banks. This report endorses the aims and proposals set out by the G20 and the Basel Committee, to ensure banks hold sufficient amounts of capital of a suitable quality, and that they have the liquidity and stable funding necessary to withstand tough market conditions. Labour MEPs are voting for this report as it backs the reform process, but we do not support any calls to weaken the proposals adopted by Basel. We encourage further study of the impact of the measures where appropriate, but with a view to ensuring full, tough and timely international implementation."@en1
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