Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-02-04-Speech-3-266"
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"en.20090204.16.3-266"2
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"Mr President, first of all, I would like to thank the Presidency, but also the Commission, for their very clear statements on this situation. I share Commissioner Verheugen’s optimism that the motor industry has recognised the signs of the times and will find future-oriented solutions for many areas.
Of course, we live in the real world, however, and following a 5% fall in vehicle production over the last year, the industry is expecting a further 15% fall in 2009. That is the biggest fall in the European Union since 1993 and will mean 3.8 million fewer vehicles than in 2007. It is important to realise that for every job that is held in the motor industry itself there are another five in associated areas and industries that depend on it. That means that the financial crisis, clearly, has a particularly heavy impact on the automotive sector, as it affects both the manufacturers themselves and their customers. Both groups very much need better access to credit. The point has been made that the motor industry has access to EUR 9 billion from the European Investment Bank. However, both manufacturers and suppliers do need further credit in order to finance their businesses and so, too, do customers if they are to finance the purchase of cars. We therefore need to put our foot on the accelerator in order to shore up demand, as European passenger car registrations fell by 19% in quarter 4 of 2008, while those for commercial vehicles fell by 24%.
So far in this crisis, the banks have been backed to the tune of billions of euro in order to save the entire system. By and large, however, the motor industry’s banks have been left out. As yet, these institutions have no access to State aid. Across Europe, as in the United States before it, the motor industry has had to reserve billions of euro for the residual balances on leasing accounts that are not covered. These losses – especially in the light of the 2 million stockpiled vehicles – are based on significant falls in the book value of leasing vehicles which then lead to problems in this respect, too. In other words, there is a need for very rapid action here in order to throw a lifeline to these banks, just as has already been done for the other banks within the system."@en1
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