Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-16-Speech-2-508"
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"en.20081216.45.2-508"2
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"Mr President, I have had the pleasure of being the rapporteur on this topic of settlement finality in payment and securities settlement systems and the directive on financial collateral arrangements. I am leaving Parliament tomorrow – this will be my last legislative report for the European Parliament – so please accept my sincere apologies if I am a little bit emotional tonight.
I think that after five years the few Member States that still want to request these ex-ante notifications can be persuaded to end this unnecessary practice. As I mentioned already, I am happy that we were able to find a compromise that we could all agree on. I hope that you, my fellow colleagues, will vote on this legislation on Thursday.
Finally, I would like to say that it has been a pleasure to work with all of you during these years. It is my 20th legislative report and it will be the last. I shall miss this Parliament, this House, and all of you.
This is not the most political of items. Sometimes what we do in the European Parliament is quite technical, but I am absolutely sure that this directive, this legislation, will also help Europe to go forward.
The aim of this legislation is to update the directives in line with the latest market and regulatory developments. The main change brought about by the settlement finality directive is to extend the protection of the directive to cover night-time settlement and settlement between linked systems; this is very important, since the number of links and the need for interoperability have lately increased immensely. The MIFID directive, on which I also had the honour to be rapporteur in this House, and the European code of conduct on clearing and settlement systems are expected to become increasingly operable, and that means that we have more need to coordinate our settlement and financial collateral arrangements.
Regarding the Financial Collateral Directive (FCD), it is very important to accept credit claims as financial collateral. The European Parliament also wanted to extend the scope of what is accepted as collateral to interbank credit claims. For me it was acceptable for credit for micro-enterprises and small enterprises to be excluded, like consumer credits.
The establishment of a harmonised legal framework for the use of credit claims as collateral in cross-border transactions helps enhance market liquidity and ensures the proper functioning of settlement systems in rapidly evolving markets. The new directives also introduce several simplifications and clarifications and definitions. These solutions will make an important contribution to strengthening the tools for managing instability in financial markets.
My aim was to reach a compromise at first reading, so we were negotiating with the Council and Commission the whole time. I have also negotiated with other political groups, with Ms Berès and Ms Starkevičiūtė especially, in order to achieve a compromise that could satisfy everyone in the Parliament. I am very happy that the report was unanimously accepted by the Committee on Economic and Monetary Affairs.
In the end I am also quite content with the compromise that will be voted during this week’s part-session. On most of the issues the negotiations went well and we agreed on the basic lines of this legislation. However, there were a few controversial issues as well and I did not get all the goals through.
During the negotiations I was not able to get the support for the ECON proposal to amend the definition of the system which would have made it possible to grant the protection of the directive to systems based on the ECB legal act, and would have allowed the European Central Bank to designate such systems itself. I am happy that the European Commission stated during the negotiations that it is in principle in favour of such an amendment and will probably table a proposal to this effect in the near future.
Regarding the financial collateral directive and the notifications, I could have wished that all the Member States had already abolished the notification requirements, which in my view only add bureaucracy and do not advance any particular objective; however, as I learned that this issue was extremely sensitive to some Member States I am quite satisfied that we got a review clause written in."@en1
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