Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-04-20-Speech-2-370"
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"en.20040420.17.2-370"2
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".
As Parliament knows, the European Union process to review the capital requirements rules is taking place in parallel with the review of the international rules being carried out by the Basel Committee on Banking Supervision.
As I recently told Parliament's Committee on Economic and Monetary Affairs, the Commission continues to make good progress on this matter. It is intended to put forward a proposal for a directive to be adopted shortly after final agreement is reached in Basle by the middle of this year.
Furthermore, in response to the request by the European Council in Barcelona in March 2002, the Commission commissioned an impact study and report from Pricewaterhouse Coopers. The final version of this report has now been made available to the Commission. Its conclusions are positive. The new risk-sensitive framework will be good for financial institutions, good for consumers and good for the economy as a whole, with a more efficient allocation of capital. The report also identifies some defined areas where the proposals contained in the Commission's third consultative paper should be further improved. That work is under way.
Arrangements are also in hand for the report to be discussed with interested Members of Parliament very shortly. The key factor is that the report should be made available in good time to inform the European legislative process. That will be the case.
The last part of Mr Karas' question concerns the issues on which there is still no agreement in the Basel Committee. As regards the Basel Agreement, only a few issues remain to be finalised by the middle of this year. These include the question of the treatment of undrawn credit card lines, recalibration in the light of the Madrid decision to move to an unexpected-loss-only approach and what is termed the 'stress loss given defaults' question. I am confident that those issues will be resolved by June. The Commission's proposal for a directive will be complete and stable."@en1
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