Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-05-22-Speech-3-318-000"
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"en.20130522.23.3-318-000"2
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"Madam President, more than five years after the run on Northern Rock and more than four years after Lehman Brothers collapsed, how does the EU respond? We have a lot of financial legislation. We have built a whole European supervisory architecture, including the European Banking Authority, yet the problem remains. If a bank went bust tomorrow it would still want taxpayers’ money to bail it out. So while we have focused on structures and legislation in other areas, we have not tackled the fundamental problem of banks being ‘too big to fail’ – which, frankly, means they should be too big to exist.
Let me offer the three points that I think we should be focusing on. First of all, making it as explicit as possible that there will be no more taxpayer bail-outs. Secondly, making sure that directors who preside over failing banks pay the price for failure, either through director liability or some form of being paid in bonds. Thirdly, sorting out our accounting standards so that, if you put a financial instrument on your balance sheet, you do not book your profit up-front and you make sure you put enough money aside if there is a loss. If we could stick to these three fundamental principles, that would do far more to solve the banking crisis than what we discussed today."@en1
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