Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-02-14-Speech-2-1879-000"
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"en.20170214.35.2-1879-000"2
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"Mr President, banking union was founded on the promise of ending the days of taxpayer—funded bail-outs, a laudable aspiration. As a representative from Ireland, where our people were saddled with over EUR 60 billion in private European bank debt, and have subsequently suffered from years of austerity at the hands of the Troika and governments led by Fianna Fáil and Fine Gael, I can say it is an aspiration we would share. But the truth is that the promise of the banking union was – and is – a false promise.
In recent months, we have seen and heard the first real test of the new rules on bank recovery and resolution in the Italian banking crisis. Commissioner, I wish you and your team would have the courage to admit that the banking union’s stated goal of ending public bail-outs and solving the ‘too big to fail’ problem has failed spectacularly. Italy makes it clear for the world to see that taxpayer-funded bail-outs can, and will, continue under these weak and loophole-ridden rules.
The European Central Bank revised its calculation on how big the Monte dei Paschi di Siena (MPS) capital shortfall was and did not even bother to tell us why. Is MPS actually solvent? If not, it does not qualify for public assistance. We need rules that truly prevent taxpayer-funded bail-outs; we need to address the bad loan problem by ending the savage austerity agenda championed by this Commission; and we need finally to step up and address the ‘too big to fail’ problem by introducing bank structural reform that actually separates commercial and investment banking. Otherwise we are set to repeat history, and it will be the ordinary, decent families of Europe who will again pay the price."@en1
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