Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-04-16-Speech-2-033-000"
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"en.20130416.4.2-033-000"2
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"Mr President, Commissioner, colleagues, it is good that the Capital Requirements Directive, which requires banks to strengthen their balance sheets, has been finalised. This is of course welcome, but in an ideal world the markets would have done the job. Therefore, we need more work than simply this; we need to sort out the resolution system. We need to make sure that banks which go bust should be allowed to fail without taxpayers ever taking the hit again.
Secondly, we need to make sure that there are tougher liability standards for the directors of banks, so that they take responsibility for failure – either directly or indirectly. Thirdly, we need to make sure that the accounting standards are resolved so that banks make sufficient provision for losses and can see in advance whether trouble is coming and put sufficient money aside.
We have to make sure that we have a sufficient reform of the accounting standards to do that. Basel I and II were clearly not enough; I worry that Basel III will not be enough. We must get the markets functioning. We need urgent reform where we need to seek out the resolution system. This is not enough; let us make sure that we get the reforms we need."@en1
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