Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-16-Speech-2-510"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20081216.45.2-510"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"Mr President, I would like to thank the rapporteurs, Ms Kauppi and Mr Sakalas, of the Committee on Economic and Monetary Affairs and the Committee on Legal Affairs respectively, for their fast and very efficient work on this file.
The directives on settlement finality and financial collateral are working well and enjoy wide support in the market. Nevertheless, I am glad that we have been able to agree, in less than eight months, on the necessary adaptations to bring them fully into line with the latest regulatory and market developments. This is important for financial stability and in particular for the continued proper functioning of settlement systems, which become increasingly interlinked, while keeping their own identity. There was no need to create super-systems, and this is clearly spelled out in the amendments.
My services started preparing the Commission proposal in early 2007, before the onset of the ongoing financial turmoil. But I believe the changes we have proposed are vindicated by the challenges which the turmoil has raised. The establishment of a harmonised legal framework for the use of credit claims as collateral in cross-border transactions will further enhance market liquidity, so badly needed in the present environment.
We expect that, with easier rules, credit claims will be used more frequently in the future. Of course, this depends on the demand in the market for other forms of collateral. However, we have seen during the first months of the financial crisis that the demand for credit claims was growing, for instance as compared to the notorious asset-backed securities. The explanation is simple: as long as credit claims are not bundled together, which is the case with securitisation, the collateral taker is able to assess their creditworthiness on an individual basis before deciding whether or not to accept them. What you are asked to agree on by the voting on the report by Ms Kauppi is to facilitate the use of credit claims by abolishing some formal requirements.
The Commission undertakes that in five years’ time it will report back to you on these changes. In particular we will look at how the abolition of the obligation to register or notify the debtor on the provision of credit claims as financial collateral is working, especially in those Member States that, for the time being, are hesitant and want to opt out from Article 3(1) of the Financial Collateral Directive.
Let me take this opportunity of wishing Piia-Noora Kauppi well for the future. I know she is going back to a very interesting position in Finland. During my time as Commissioner she has been exceptionally cooperative and helpful and always gave the utmost in any task that was assigned to her by Parliament. I know she will make a great success of her future career, and I wish her and her family well."@en1
|
| lpv:unclassifiedMetadata | |
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples