Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-218"
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"en.20010703.10.2-218"2
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"Mr President, the proposal for a directive dealt with in this report seeks, as we know, to harmonise conditions for the provision of services by professional pension management institutions and their investment rules but, in a broader sense, seeks to create a single market for supplementary pensions, placing it in the context of actions of financial services towards the greater liberalisation of the movement of capital. Consequently, we disagree not only with the proposal for a directive but also with the report itself, which seeks to reduce to a minimum the prudential rules liberalising the procedures and the investments of funds in more volatile financial instruments, thereby supporting risk capital, which, in the current climate of financial speculation, is a serious risk for workers’ rights. This situation is particularly serious for Portugal because it could undermine the Portuguese prudential rules, specifically the mandatory investment of 50% of professional pension funds in public stocks, as well as putting unacceptable pressure on the capitalisation funds of the public social security system."@en1
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