Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-12-12-Speech-3-361"
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"en.20071212.33.3-361"2
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"Mr President, ladies and gentlemen, I would like to thank Mr Ehler for his work which comes ten years after the transposition of the 1994 Directive on deposit-guarantee schemes, in a period of financial upheaval when improvements to the European financial services market are under discussion.
There is currently considerable disparity between the positions adopted by the Member States and there are important issues to resolve. Although the majority of the Member States apply the system based on an
fund, there are still significant disparities in the level of guarantees, the size of funds and their method of financing.
To give two examples: the sum guaranteed is eight times higher in the most protective state than in the least protective state, and the guarantee fund in one state alone amounts to 40% of the European total. This situation creates a distortion of competition. The
system threatens national and European financial stability in times of crisis.
Cross-border banking groups are also experiencing problems. The consolidation of funds from different schemes poses practical difficulties. A concentration of guarantees in a single system can only be achieved through a proliferation of regulations and agreements between states, something which fragments the system and makes it more vulnerable to an unacceptable accumulation of risk. There are substantial questions marks over the aims of the deposit-guarantee scheme: harmonisation of levels of cover, risk-based contributions, utilisation of funds to provide liquidity, burden-sharing, handling of cross-border crises, liquidation of institutions and cooperation between authorities.
Deposit-guarantee schemes should provide a risk-based safety net capable of protecting depositors, ensuring fair and effective competition, providing stability for the money markets and contributing to an equitable sharing of the burden in crisis situations.
Therefore, extraction of all the possibilities from the existing framework should not stand in the way of a thorough and ambitious reform once the necessary studies have been carried out."@en1
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