Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-733-000"
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"en.20110510.68.2-733-000"2
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"Mr President, Mr Barnier, the EU stress test for banks conducted last summer is in need of a radical overhaul. It is patently not enough simply to focus on the banks’ capital base. The impact of the crisis on the banks’ liquidity must also be examined. As a reminder: banks like Lehman Brothers collapsed because they were faced with significant liquidity problems. I fail to understand the debate as to whether or not the results of the liquidity check should be published.
Anyone who insists that the data should be kept secret is undermining the purpose of the test. There is little doubt about what is intended: the aim is to stop the markets from losing confidence in the banks that fail the tests. However the effect of keeping the public in the dark about the results of the tests would simply be to engender even more uncertainty. Rumours and half-truths flourish in such an environment.
Even though people will criticise the new methodology and various parameters, the common objective must be clear. Transparency is essential in order to determine the European banks’ susceptibility to crisis. There is an urgent need for broad-based confidence and the banks must play a role in this in their own interests."@en1
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