Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-04-29-Speech-3-1094-875"
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"en.20150429.139.3-1094-875"2
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"Despite reforms already proposed in this regulation to address a number of issues with Money Market Funds, there remains a grave concern in relation to the stability of the MMF industry and the risks it may pose for the broader financial system.
Moreover, Economic research provides evidence that the conduct and nature of MMFs make them vulnerable to destabilising investor runs, which can spread quickly among funds, impairing liquidity and the availability of short- term credit, in particular for banks.
And it should also be noted that while MMFs did not cause the financial crisis of 2007 to 2008, their performance during the financial turmoil highlighted their potential to spread, or even amplify, a crisis. The experience from the 2007 to 2008 crisis has shown that MMFs may be susceptible to investor runs and may need the support of sponsor companies, in particular to maintain their constant net asset value.
An upward convergence in Financial Regulation is required and as it stands this report would not be strong enough to protect Irish Financial Interests, particularly in light of an economy which is seeking to recover. It was for these reasons that I voted against this report."@en1
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