Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-402-875"
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"en.20121120.28.2-402-875"2
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"Shadow banking accounts for 25-30 % of the entire financial system and half of banks’ total assets. The Commission’s Green Paper (19 March 2012) was a first step towards genuine monitoring and supervision of shadow banking. This approach is based on the indirect regulation of this system. However, it is regrettable that there is a lack of criticism of the decisive role that all banks played in the current sovereign debt crisis. Direct, extensive regulation of some of its aspects must be implemented. The proposed regulation seems to me wholly inadequate, especially in consumer protection terms, and will not prevent financial institutions from transferring risky assets to less-regulated shadow banking entities. The Commission could encourage changes to the International Financial Reporting Standards, with more attention being paid to aggregates without netting and risk weights. Therefore, I abstained from this vote, which questions neither the relationships between the banking system in general nor these ‘shadow actors’, the number of which has considerably increased over the"@en1
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