Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-03-11-Speech-2-275"
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"en.20030311.11.2-275"2
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"Mr President, I would like to pay tribute to our rapporteur, Mr Karas, who has shown superb judgement in reaching a broadly acceptable balance in this complex but vitally important directive. Our group was very concerned at any possibility of the directive failing for lack of consensus in Parliament or between Parliament and the Council. But the rapporteur has very successfully squared this very difficult circle. We in the PPE-DE Group are very pleased to support the compromise which the rapporteur and the Commissioner have engineered.
I should, however, flag up some residual concerns which we still have. For example, compromise Amendments 4 and 12 give Member States the right to provide an option for coverage of biometric risks. Certainly this is only an option, but we are concerned that differences between Member States might in any way impede cross-border occupational pension funds and the ability to transfer employees together with their pension funds around the European Union. I would appreciate the Commissioner's reassurance as to his understanding of the impact - or hopefully non-impact - of this option.
The other concern regards the requirement for a register which also has to show in which Member States the institution concerned is operating. The rapporteur has assured me that, under the agreed amendment, no such register would be required if instead the institutions were 'authorised'. Again I would appreciate the Commissioner's specific assurance that this is also his understanding. This would certainly be welcome to the financial services industry with a view to eliminating unnecessary red tape.
Apart from these two matters, we are very pleased with the outcome which provides ample flexibility in, for example, how pension benefits are paid out. The lump sum payment will continue to be permitted. We are taking a major step forward in providing a Europe-wide single market in financial services.
Mr Karas and Commissioner Bolkestein are to be congratulated for this achievement. Tomorrow we must ensure a resounding vote of support for this directive."@en1
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