Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-26-Speech-1-089"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2005-09-26"^^xsd:date2
dcterms:Is Part Of	lp_eu:1. Taking up and pursuit of the business of credit institutions, 2. Capital adequacy of investment firms and credit institutions2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20050926.14.1-089"2
lpv:hasSubsequent	lp_eu:2005-09-26-Speech-1-0902
lpv:speaker	lp:Harald Ettl2
lpv:spokenAs	substitute; Delegation for relations with the Mashreq countries (2004-09-15--2007-03-13)3 member; Delegation to the EU-Bulgaria Joint Parliamentary Committee (2004-09-15--2006-12-31)3 substitute; ECON (2004-07-21--2007-01-14)3 member; EMPL (2004-07-21--2007-01-14)3 member; PES (2004-07-20--2009-07-13)3 unknown; Sozialdemokratische Partei Österreichs (2004-07-20--2009-07-13)3
lpv:translated text	". Mr President, ladies and gentlemen, the Committee on Legal Affairs welcomes the compromise that the rapporteur has hammered out. The author of the position expresses her support for most of the objectives and the need for the updating of the provisions to take account of the considerable progress that has been made in the techniques of risk assessment and financial services management, while also proposing amendments that might help to simplify the system of equity capital requirements. A number of amendments have to do with national discretion, which is to be removed for the sake of greater regulatory harmonisation in the internal market. I might add that many of these deletions have been recommended to the national supervisory bodies. The draftsman of the opinion also takes the view that it was very definitely the right thing to do to take Article 47(2) of the EC Treaty as the basis for this proposal. As a directive is the instrument best suited to achieving the desired objectives, the principle of subsidiarity is complied with, as is the principle of proportionality, since the directive goes no further than doing that which is absolutely necessary. I would like to add a number of comments on comitology from the point of view not only of the Legal Affairs Committee, but also of the Committee on Economic and Monetary Affairs, and will be commenting on them later on. As financial markets and banks are liable to undergo rapid change, with new products and combinations of products constantly having to be developed, the law on banking and banking supervision must also be capable of being further developed. Basel II must not be allowed to degenerate into a framework from which one chooses the financial instruments one fancies, but must instead never lose sight of the need to protect creditors, investors and consumers. The dialogue between legislators, supervisors and banks, both at national and European level, referred to in the Lamfalussy procedure can also help to keep supervision appropriate to the function concerned. I will enlarge on this point later on."@en1

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