Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-17-Speech-4-021-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-02-17"^^xsd:date2
dcterms:Is Part Of	lp_eu:EU guarantee to the EIB against losses under loans and guarantees for projects outside the EU (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20110217.4.4-021-000"2
lpv:hasSubsequent	lp_eu:2011-02-17-Speech-4-022-0002
lpv:speaker	lp:Kay Swinburne2
lpv:spoken text	"Mr President, when guaranteeing loans of this kind for projects inside or, indeed, outside the EU, we need to remember that they are not without financial consequences. While it may seem like a good way of making EU money go further, we must be very careful to ensure that the appropriate risk-management controls are in place to manage these kinds of loans and the balance-sheet implications they pose. As parliamentarians we need to be fully aware of the liabilities to which we are exposing the EU budget and, therefore, Member States’ budgets. Oversight systems and transparency will be crucial when using the balance sheet for leverage, as has been shown by the financial crisis, where banks were not always fully aware of the extent of their liabilities. We must learn the lessons from the finance industry and be sure that we know precisely what the EU is guaranteeing and what appropriate levels of democratic oversight are being maintained. Fundamentally, we must be sure that those individuals at the EIB and the Commission who are tasked with managing these financial products and making such wide-ranging decisions have the appropriate expertise to manage what they are dealing with. This is taxpayers’ money. We need to spend it carefully."@en1
lpv:spokenAs	member; Delegation to the Parliamentary Assembly of the Union for the Mediterranean (2009-09-16--2012-03-27)3 substitute; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2009-09-16--2014-06-30)3 substitute; Delegation for relations with the Palestinian Legislative Council (2009-10-19--2014-06-30)3 unknown; Conservative Party (2009-07-14--2014-06-30)3 member; ECON (2009-07-16--2012-01-18)3 member; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3 member; PECH (2009-07-14--2014-06-30)3
lpv:unclassifiedMetadata	"Kay Swinburne,"1 "on behalf of the ECR Group."1
lpv:videoURI	<go to Events_and_structure europarl>2

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