Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-16-Speech-2-527"

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"en.20081216.46.2-527"2
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"Mr President, all the institutions have been ambitious in this project, though not all in the same direction. The Commission was ambitious in proposing a minimum guarantee of EUR 100 000 and a payout term of three days. The Council has been ambitious in opting for maximum harmonisation, and Parliament has been ambitious to make sure that it works for the citizen. I wish to thank the rapporteur and other colleagues for their cooperation. The proposal to go in one jump from procedures that might in some countries not even cope with the current nine months allowed for paying out to just three days was maybe over-ambitious. We agree to a final timeframe of up to a possible maximum of 35 days, but a little reluctantly because we would have preferred a rather shorter timeframe. Thirty-five days without access to funds still leaves citizens in a difficult position. This makes possibilities for emergency payouts important or, better still, arrangements for continuity of banking services. Taking the bold step of maximum harmonisation means there are consequences to address, making this the first stage of a work in progress, which is evidenced by the number of items that the Commission is asked to report on by the end of next year. One of the consequences is the need to have some higher balance exemptions, and I welcome the grandfathering of some socially relevant higher balanced provisions that were in place by the start of 2008. However, we have learnt lessons since then. Indeed, that is what this entire directive is about: recent lessons. It is regrettable that we could not obtain an unreserved commitment to allow a higher protection for temporarily increased balances that occur, such as when houses are sold or pension lump sums paid out. Following the collapse of the Icelandic banks, there have been unhappy losses in such circumstances and it has put in train plans for special protection in several Member States. People in long-term possession of large funds to put on deposit can do this and make the deposit safe by splitting it between institutions, but it is unrealistic to ask that lump-sum payments be channelled that way. The consequences of losses of lifetime funds is a lesson we do not need to learn again, so I hope the Commissioner will indicate enthusiasm to allow additional protection for special temporarily increased balances, which we have asked him to report back on also by the end of next year."@en1
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