Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-09-26-Speech-1-092"
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"en.20050926.14.1-092"2
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".
Mr President, let me start by saying ‘thank you’ to the rapporteur for the willingness to cooperate that he has demonstrated, which enabled Social Democrats’ main concerns to be accommodated. We believe that banking supervision must be internationally agreed and of the same kind throughout the EU, and that, in particular the banks’ equity capital required by law must be more rigorously adjusted to take account of commercial risks. It is only in this way that the savers can be put in a more secure position and their savings safeguarded against the event of their bank failing.
Modern banks both manage private households’ assets and keep their accounts, while also being their advisers and agents on the financial markets. The economic efficiency of the finance they provide and of the capital they invest is dependent on their remaining competitive. The finance they provide plays an important part in the further development of the EU through its infrastructure, housebuilding, municipalities, energy industry and, not least, its small and medium-sized business. Basel II includes objective points of reference for assessing the risks involved in providing this finance, along with the banks’ associated equity capital costs and the interest charged to debtors.
This picture is completed by the adoption of my amendments on easier retail credit for SMEs and the liability of regional and local authorities in the computation of the risk element. Basel II should not, then, result in finance becoming harder to come by or more expensive. The banks also bear an economic responsibility, and Basel II must not be misused as an excuse to the detriment of debtors or at their expense.
Basel II is also intended to create a level playing field for competition between the big banking groups and the savings banks and credit unions that operate on a regional basis, and it was for that reason that I pressed for the greatest possible objectivity in the treatment of what are termed inter-bank loans. I would like, not least, to highlight what is now the dual responsibility of the national supervisory agencies as regards both the monitoring of the banks’ more precise risk assessment methods and supporting banks that operate in more than one country when the supervisory authorities in both countries cooperate with one another.
Last but not least, I would like to revisit the subject of comitology. The rules on information and transparency that Parliament is demanding for Basel II are actually taken for granted in modern legislation, and that should also be reflected in the right of recall. What we want from the Council is a guarantee that, in two years’ time at the latest, there will be a solid agreement enabling Parliament to continue to exercise its democratic rights and responsibilities."@en1
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