Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-088-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-04"^^xsd:date2
dcterms:Is Part Of	lp_eu:Short selling and certain aspects of credit default swaps (debate)2
dcterms:Language	"fr"^^xsd:language2
lpv:document identification number	"en.20110704.21.1-088-000"2
lpv:hasSubsequent	lp_eu:2011-07-04-Speech-1-089-0002
lpv:speaker	lp:Pascal Canfin2
lpv:spokenAs	vice-chair; Special Committee on the Financial, Economic and Social Crisis (2009-10-15--2011-07-31)3 substitute; Delegation for relations with the People's Republic of China (2009-09-16--2012-05-15)3 member; Delegation for relations with the United States (2009-09-16--2012-05-15)3 substitute; IMCO (2009-07-16--2012-01-18)3 member; ECON (2009-07-16--2012-01-18)3 unknown; Europe Écologie (2009-07-14--2012-05-15)3 member; G/EFA (2009-07-14--2012-05-15)3
lpv:translated text	"− Mr President, I just wanted to say something to my fellow Member, Mr Kamall − since he is one of the negotiators of this text and is very familiar with it, and if he is not, he only has to read it – concerning his argument that credit default swaps (CDSs) are used as proxy hedges and therefore should not be banned. As the text says, when CDSs are used for proxy hedging, they are not uncovered. It would be helpful, therefore, if you could change your argument or read the text, because we are debating for nothing otherwise. The second point that I wished to make is that we really want to complete this text because we feel that the situation is urgent. No one is saying that CDSs caused the Greek crisis. It would be absurd to think that. However, they are clearly being used to fan the flames by financial operators whose sole aim is to exacerbate the crisis so that they can make money at some point. While we are on the subject of CDSs, I should like to tell you that this text only covers the purchase of these swaps. This presents another problem, which was also raised by Mr Kamall, concerning the fact that operators who sell CDSs, such as US banks and hedge funds, are supposed to provide a guarantee against the risk of default to banks such as BNP, Deutsche Bank and Barclays. For those banks, it is a way of getting the risk off their balance sheets. However, those who sell CDSs, such as hedge funds, have a lot less capital than the banks. This tool has the effect of reducing capital requirements and hence the security of the system. Since you are working on the Capital Requirements Directive 4, I should like it if you could also cover the sale of CDSs and the obligations incumbent on sellers of CDSs, rather than just focusing on buyers, as is the case in this text."@en1
lpv:unclassifiedMetadata	"(Applause)"1
lpv:videoURI	<go to Events_and_structure europarl>2

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