Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-19-Speech-1-143-000"
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"en.20121119.22.1-143-000"2
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"Mr President, we are happy to see Commissioner Hahn with us in today’s plenary. Now to the matter in hand, though: before the crisis began, it was quite usual for the banking regulations to be circumvented. Financial activities were increasingly moved to less tightly regulated arenas – to shadow banks. All in all, we have 1 400 of these establishments, a huge number of these establishments which have gone bust. None of them had any importance to the system individually; but collectively the loss to the European economy was huge, and it rocked the financial system to its foundations. This selective regulation of banks must be stopped if we want, in future, to plug the loopholes exploited by the wide boys of the money markets. We do want to, and we need to do it fast.
Many shadow banks receive state aid, but act without any state oversight – all the more reason to regulate them. The central registry mentioned by Mr El Khadraoui should be the basis for doing that. However, we also need caps on third-party capital holdings, liquidity buffers and capital charges."@en1
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