Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-15-Speech-3-598-000"
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"en.20120215.27.3-598-000"2
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"Mr President, the aim of this directive is clear: to protect individuals’ deposits when an individual bank collapses, or even when the European banking system itself is failing. The crisis showed that this is an area where increased Europe-wide coordination is necessary. During the worst of the crisis, we saw capital move from individual banks in some countries to banks in different Member States offering better deposit protection regimes, which added to the general turmoil.
Whether or not to pre-fund a deposit guarantee scheme is one of the outstanding issues. Alternative schemes have worked effectively across many Member States, even during the crisis. I therefore fail to see the justification for a solely pre-funded solution. We need to be more flexible in our approach. According to estimates by the UK Treasury, to pre-fund 1.5% of all British deposits would amount to an excess of EUR 15 billion being taken out of the economy. This would mean EUR 15 billion less capital available to provide loans for small businesses. We need to recognise that alternative systems do – and should – continue to exist."@en1
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