Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-15-Speech-3-593-000"
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"en.20120215.27.3-593-000"2
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"Mr President, ladies and gentlemen, when the Lehman Brothers Bank in New York collapsed in March 2008, the global financial crisis reached its first high point. For small-scale savers and depositors, this crisis began a year earlier, when Northern Rock in the United Kingdom ran into difficulties and long queues of depositors suddenly began to form outside bank buildings, with customers waiting to withdraw their money.
This was not just limited to Northern Rock, but was also evident in other banks too. The uncertainty among savers, in particular small-scale depositors, was enormous, which was why national governments found themselves forced to guarantee investments above the contractually guaranteed minimum level. Some states, like Germany and Ireland, actually guaranteed deposits to an unlimited extent, something that could not be sustained in the long term. The divergence between the deposit guarantee schemes in Europe came at a price at the time.
That is why the Commission rightly said that we must ensure order and we must present a uniform deposit guarantee scheme for all 27 Member States of the European Union. It did this in an extremely convincing and acceptable way. The gaps were closed, depositor security was strengthened and a broad degree of harmonisation was established.
As representatives of Parliament, we support this proposal. We had thought that we could have tabled one or two improvements. Unfortunately, as Mr Balz has already explained, our negotiations with the Council have been unsuccessful to date. Nonetheless, we are not giving up hope, but believe that we may still succeed in the coming months.
The following is an important point, however: a deposit guarantee scheme protects depositors and is therefore necessary. However, it is even more important that it should not run out of money. Even more important again is that insolvency, or even difficulty, should be avoided, and that we should have preventive measures in place. That is why we urgently await the Commission’s presentation of the crisis and process management dossier."@en1
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