Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-11-16-Speech-4-209"
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"en.20001116.12.4-209"2
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".
Mr President, ladies and gentlemen, I am particularly pleased to be able to speak today in the presence of a group of visitors from my lovely constituency, whom I welcome very warmly.
We are continuing the debate on the report by Mrs Villiers, whom I want to congratulate very heartily on her report. She has managed to reconcile the different opinions across the committee, so I believe this report represents a real step forward. In particular, it is important that she managed, by achieving a very broad majority in committee, to ensure that the requirements of the small institutions – the savings banks, the cooperative banks, the small and medium-sized businesses – are also given due consideration in this important legislative project and that what is called internal rating, i.e. the internal assessment of credit risks, will be given the same status as external rating, as proposed by the Basel Committee.
I regard that as major progress. I believe it is also important in terms of the public debate to make it clear that it is not the Basel Committee, a non-elected body, that will be deciding the definitive directives, but the European Parliament and the Council of Ministers, by the codecision procedure. In that public debate I keep finding people referring to the Basel Committee. In fact, the European Parliament will decide on the final legislative text jointly with the Council of Ministers, and we should make people more aware of that.
But for me the question now is the procedure that will apply. The banking sector is very keen that we decide by a fast-track procedure. I, too, believe that Parliament should play its part here and, if possible, take the final decision at first reading. However, we must create the necessary conditions to ensure that the European Parliament's rights are in no way weakened. If possible, by one means or another, we must ensure that Parliament and the Council of Ministers can reach agreement at first reading on the legislative text that is then finalised."@en1
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