Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-01-Speech-1-085"
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"en.20030901.6.1-085"2
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"Mr President. If Basel II were to be implemented as it has been drafted by the Basel Committee, then it would be easier for businesses that do not need money – that is, loans – to have access to credit. Vice versa, businesses that do need loans – that is, money – would find access to them drastically more difficult. In Austria, for example, some 65% of businesses are financed by bank loans. The EU average is only 46%.
For the most part these businesses have little equity capital. The building, tourism and gastronomy industries are particularly affected. In Austria, for example, the equity capital of the gastronomy industry is only 1.75%. Since, however, it will be equity capital that determines the allocation of loans in the future, then, according to Basel II, these businesses and industries will receive no or very few loans. The consequences would be disastrous. Businesses would no longer be able to invest and modernise and would have to close. We would lose thousands if not many thousands of businesses and jobs. I have to agree with the rapporteur’s call for these repercussions to be analysed to reveal the negative effects of Basel II and to allow counter measures to be introduced at the same time to prevent them."@en1
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