Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-049-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20110704.20.1-049-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:translated text |
"−
Madam President, ladies and gentlemen, earlier Mrs Bowles, Mrs Swinburne and I mentioned the transatlantic dialogue and the need to look closely at how we are going to coordinate our regulatory efforts.
When I am in the United States and even in Europe, I very often point out the differences, which we must keep in mind, between the European and the US banking sectors. There are many differences.
Firstly, in Europe, the banking sector finances three quarters of the economy, compared with only a quarter in the United States. We are going to apply Basel II and Basel III to 8 230 banks here in Europe. In the United States, around 20 banks will be affected. Then, there is a third difference: the existence, here in Europe, of the issue we are discussing – which the rapporteur, Mr Stolojan, expertly addressed just now – namely, conglomerates. They are specific to Europe, which is why the Commission very much welcomes the agreement reached on the proposal on the Financial Conglomerates Directive (FICOD) and wishes to thank those of you who have strived to make a success of this process and especially you, Mr Stolojan, and the shadow rapporteurs, Mrs Bowles, Mrs Swinburne, Mr Skinner, Mr Lamberts and Mr Klute.
With regard to the Council, I would also like to thank both the Belgian Presidency and the Hungarian Presidency, which made this progress possible.
Financial conglomerates, bancassurance groups are, I repeat, specific to the European banking set-up. It is a business model that works well. However, the crisis has shown the need, once again, to strengthen certain aspects of FICOD. That is why, in August 2010, the Commission presented this proposal to amend the directive. Thanks to an agreement between Parliament and the Council on these amendments, supervision of financial conglomerates will be greatly improved through the closure of a regulatory loophole. Indeed, by including mixed financial holding companies in the sectoral directives, that is, in the Capital Requirements Directive relating to banks and in the Solvency II Directive on insurers, the highest level of conglomerates will now be supervised more effectively, and that will help, I think, to increase our financial stability.
I am particularly grateful to your rapporteur, Mr Stolojan, for his decisive contribution, which made it possible to improve the directive in several important areas. Indeed, they were not covered by the Commission’s original proposal. I am referring to stress testing, which he mentioned a moment ago, and to the enhanced role of the Joint Committee of the European Supervisory Authorities. All these improvements are in line with the supervision package. The agreement will also extend the scope of supplementary supervision to include asset management companies and hedge funds controlled by a conglomerate.
Lastly, I should also like to express my satisfaction with the agreement reached on the transparency of group structures, and to say a word about correlation tables, which are a controversial and difficult issue in the trialogues. I greatly appreciate the importance that Parliament attaches to this issue, ladies and gentlemen. At times I struggle to understand the Council’s difficulty in fulfilling its obligation of communicating to the Commission, via traditional transposition measures, these tables showing how the directive in question has been transposed into national law. I believe that this should, by rights, be part of the transposition work carried out by the Member States. I am very pleased to have Parliament’s support on this point. The Commission believes that such tables are an integral part of our efforts to achieve better regulation, and I should like to thank you for including them in the final text, as you are proposing, and as the Commission also initially suggested."@en1
|
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples