Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-414-040"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-05"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"lt"^^xsd:language2
lpv:document identification number	"en.20110705.34.2-414-040"2
lpv:hasSubsequent	lp_eu:2011-07-05-Speech-2-414-0422
lpv:speaker	lp:Zigmantas Balčytis2
lpv:spokenAs	member; S&D (2009-07-14--2014-06-30)3 unknown; Lietuvos socialdemokratų partija (2009-07-14--2014-06-30)3 substitute; Delegation for relations with the United States (2009-09-16--2014-06-30)3 member; CONT (2009-07-16--2012-01-18)3 member; Delegation for relations with the People's Republic of China (2009-09-16--2014-06-30)3 member; ITRE (2009-07-16--2012-01-18)3 substitute; TRAN (2009-07-16--2012-01-18)3
lpv:translated text	"I voted in favour of the report. Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 (the Financial Conglomerates Directive) introduced supplementary and consolidated supervision of financial groups. The objective of that supplementary supervision was to control the potential risks arising from double gearing (that is, the multiple use of capital) and so-called group risks, in other words, the risk of contagion, management complexity, concentration and conflicts of interest, which could arise when several licences for different financial services are combined. Whilst the EU directives relating to banking activities and insurance activities aim to constitute sufficient capital buffers to protect customers and policyholders, the Financial Conglomerates Directive (FCD) regulates the supplementary supervision of group risks. I welcome the revision of this directive, which will help ensure appropriate supplementary supervision and plug the gaps that have evolved in supplementary supervision, because only European Union legislation can ensure that financial conglomerates operating in more than one Member State are subject to the same requirements and supervision."@en1

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