Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-02-Speech-2-124"
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"en.20030902.5.2-124"2
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".
This important report has earned my support.
There can be no doubt of the need to carry out more accurate assessments of the risks involved in the granting of loans by banks, which is why adopting a new agreement (Basel II) is important. Furthermore, it has been proved that the existence of clear international rules governing minimum capital requirements (Basel I) contributes to the security of financial and legal trade. For these reasons, conducting an assessment of the new system is of the essence.
Indeed, as the rapporteur warns, we may be about to enter a procyclical phase characterised by limited bank lending and even by economic downturn. This situation may put a stop to the granting of bank loans, especially to small and medium-sized enterprises. This will penalise entrepreneurs setting up in business most heavily, and could threaten the future potential of the European economy.
Without playing down the positive effects of the new agreement, therefore, (in particular the prospect of more opportunities for the use of collateral), the Commission must, in the directive which follows the Basel II Agreement, pay close attention to the current state of the European economy and to the rapporteur’s calls for a spirit of greater democratic legitimacy in the drafting of these rules, as well as to his warnings about the possibility of unfair competitive advantages over European banks enjoyed by US financial institutions not covered by the agreement but operating within Europe."@en1
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