Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-06-Speech-3-203"
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"en.20101006.15.3-203"2
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"Madam President, can I say to the Commissioner that when we voted on supervision, I said our legislation was like Swiss cheese, full of holes, places where the common rule book would not reach.
Then, last week, bankers from around the EU assembled for Eurofi, discussing Basel III. The word on everyone’s lips was ‘national’: national flexibility, national rules, national rules, national exemptions; the beast of perverse incentive was rampant. As soon as a framework is agreed for harmonisation and stability, the wriggling and the wheedling to make holes starts, and frankly, it is no better here. I am fed up of it. Why does Europe have to be the cry-baby of Basel? This is not what we intended with the supervisory architecture. It is not what is intended by Basel III. The facts are clear. G20 was clear. Banks must be able to withstand the type of crisis that we have just had and capital is crucial to that.
I am not blind to the problems of the real economy and the need for banks to lend and, like others, I look forward to the macro-economic and cumulative impact assessments, not just of Basel, but of the whole post-crisis financial regulation that you, Commissioner, and Commissioner Rehn both promised me in your competency hearings.
To the banks, I say: we cannot give weight to your protestations while your aggregates are cloaked in secrecy and you stamp ‘Confidential’ on everything. So as far as I am concerned, the extended timetable of Basel is enough slippage: no more.
Now, Commissioner, liquidity measures – as others have said – are not fully resolved, and I do fear more perverse incentives around the growing concentration on sovereign debt and short-term instruments. We must be very careful here; we must think and not replicate the same measures in every piece of the prudential regulation where they may not be appropriate and would destroy investments in equities and the real economy."@en1
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