Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-16-Speech-2-524"
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"en.20081216.46.2-524"2
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"Mr President, I would like to thank the rapporteur for his work on this file, which has turned out to be more complicated than expected. We take our commitment to maintaining depositor confidence in times of financial turmoil very seriously and I am grateful for Parliament’s willingness to treat this issue rapidly.
However, I also have to admit that I am disappointed with certain proposed amendments to the Directive on Deposit Guarantee Schemes, especially on pay-out delays.
Let me recall that on 8 December this House voted in favour of a pay-out period of a maximum of two weeks. However, the compromise currently on the table provides for a pay-out delay of four weeks, which can be further extended to six weeks. When you add to this another week of decision-making by competent authorities, this means seven weeks. Seven weeks is a very long time for depositors who are unable to buy food, pay bills or use their payment cards.
Let us not forget that the regime currently in force, which allows for a pay-out delay ranging from three to nine months, will remain in place for a further two years.
I am concerned about the message this sends to European citizens and how it will affect our confidence. I am concerned about the possibility of having to witness once again pictures of citizens queuing at their bank the next time they hear that the bank is in trouble. My concern is that several weeks of no access to one’s funds is too long a time to keep depositors’ nerves calm in a crisis situation.
I also regret that the compromise on the table is not more ambitious in increasing the level of coverage. Let us not forget that nearly all Member States had already increased their coverage to EUR 50 000 by October 2008. This is why the Commission proposed to send a clear signal to depositors that their protection will be increased almost immediately. What was meant to be an immediate signal will now have to be postponed to mid-2009.
Nonetheless, the Commission will support the agreement between Parliament and the Council if it is endorsed by your vote. It remains important that the coverage level be increased to EUR 50 000 by the end of June 2009 and eventually to EUR 100 000, and that co-insurance is abandoned from mid-June.
The Commission will come back to other outstanding issues in the report next year. I look forward to working with Parliament on the important task of restoring confidence in the financial system among our citizens."@en1
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