Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-094"
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"en.20081008.15.3-094"2
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"Madam President, I appreciate the co-rapporteurs’ willingness to work towards a consensus on this report. It is still not perfect as far as I am concerned – they will probably be pleased to hear that! – but it is much more appropriate than it was, and I feel we can be justified in supporting it.
I raise two particular points. Securitisation is seen as one of the demons of the current financial crisis, and now it seems to be seen as a necessary solution that we require originators to retain a percentage of their products. The Commission is proposing 5% in its capital adequacy review. We must at the very least have an impact assessment of this idea. I hazard to suggest that the only result will be to clog up the financial markets, and investors may even be tempted to omit full due diligence because of it. What really matters is being able to trace back originators through intermediate repackages and hold them to account for any misrepresentation, negligence or incompetence.
And the second matter is the way of settling disputes or disagreements in the colleges of supervisors. The rapporteurs have suggested a rather complex and formal appeal process with chairmen and vice-chairmen and a new bureaucracy. Surely such situations must be resolved quickly, and we have proposed therefore that the parties to any disagreement which cannot be resolved amicably should agree mutually on a mediator whose decision, at least in our view, should be final.
Lastly, Commissioner, I appreciate the introduction that you gave to your speech on the present crisis and am sorry you were not present during the previous debate with Mr Almunia and Mr Jouyet, when all these matters were represented by the Members of this Parliament, including myself. Maybe you can read through those speeches at great length and give us a response to our points of view."@en1
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