Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-10-04-Speech-2-774-000"
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"en.20161004.36.2-774-000"2
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"Mr President, I welcome the scrutiny of the International Financial Reporting Standard (IFRS) 9, and given the concerns that have been raised, I welcome this short discussion. It is important that measures to represent big changes to the norm, particularly in the financial sector, must be given as much assessment as possible. I very much agree with the principle of what IFRS 9 seeks to achieve, namely to prevent some of the problems that we have encountered in the financial crisis by moving towards a model with banks recognising expected losses and financial assets on the balance sheet. This is a welcome step given that, until now, banks have been unable to book accounting losses until they happened, even if they could see them coming down the line. This could prevent a number of problems.
What concerns me most about the introduction of the IFRS 9, however, is the uncertainty it seems to be generating in the financial sector. It is reported that two-thirds of banks are still unsure how IFRS 9 will affect their balance sheet, and I hope the European Commission can offer some assurances on this issue. Ensuring the same mistakes are not made again is crucial, but there is definitely a need to ensure that unintended negative effects on the economy are avoided, and I welcome the Commissioner’s comments in this regard a few moments ago. Finally, I just want to conclude by saying that the introduction to the IFRS 9 can hopefully find a good solution that allows ample time for the financial sector to adapt to the changes."@en1
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