Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-11-16-Speech-4-215"
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"en.20001116.12.4-215"2
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".
Mr President, Commissioner, ladies and gentlemen, I too would like to begin with very warm thanks to Mrs Theresa Villiers. In her report, she has splendidly succeeded in reconciling the entire spectrum of opinion in our Parliament. Let me briefly address the problem that in Basel we are creating a framework for systems that are not necessarily compatible, systems in the USA and systems in Europe, and here we must ensure that we do not ride roughshod over a particular area.
Basel is looking primarily at the large banks. But we in Europe must look at the small banks. Their clients have few funds. We know that the large banks are no longer interested in them. Of course we must also make sure that Basel does not produce a second disadvantage for banks, as a result of higher own-funds requirements. As we keep repeating, it would be the small and medium-sized businesses that would bear the brunt, although we keep urging that they should be bolstered up. Internal and external ratings have just been discussed. I would also raise the question of portfolio straddling. We must ensure that the level of risk is assessed, and not just credit in the abstract, i.e. that we leave some room for manoeuvre in relation to small loans for small and medium-sized businesses and craft firms.
I believe it is important that we also make it clear that what is going on in Basel is an undemocratic procedure, that the European Parliament is the only democratically legitimate organisation that is adopting a position on this in Europe. During the procedure we must not think about whether we are surrendering rights, but about the degree of detail to which we regulate matters in Europe in future, or where we should simply establish the framework and pass on certain instruments of adjustment to other institutions, such as the Commission, but also Basel.
I also call on the European Central Bank and the Commission to take great care in Basel to ensure that Basel takes account of the structure of the European systems. Today we in the European Parliament must also send out the signal that we will not allow our established systems to be put at risk and that the large banks will also face problems if a legal framework is created in Europe. What we need is sufficient flexibility in this area."@en1
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