Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-24-Speech-5-030"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2009-04-24"^^xsd:date2
dcterms:Is Part Of	lp_eu:Cross-border payments in the Community - The business of electronic money institutions (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20090424.3.5-030"2
lpv:hasSubsequent	lp_eu:2009-04-24-Speech-5-0312
lpv:speaker	lp:John Purvis2
lpv:spoken text	"Madam President, just to satisfy the prudential concerns mentioned by Mrs Berès, I would point out that we have insisted in this directive and report that e-money funds are not deposits; credit cannot be created upon them. We have opened the door for e-money only a bit wider. The basic capital requirement is reduced to EUR 350 000; the Committee on Economic and Monetary Affairs would have preferred EUR 200 000. The own-funds requirement is to be 2% of outstanding e-money funds; we would have preferred 1.6%, but with the 20% flexibility up or down that is allowed, the more liberal Member States can go down to 1.6% and the conservative Member States can go up to 2.4%. It is not ideal that we still have the prospect of such an uneven playing field in the European Union, especially when we have insisted that e-money users’ funds will be fully safeguarded and there are also other important user-friendly protections, for example in redemption, as Mrs Berès mentioned. Because of the level of capital required, the waiver level has also had to be set for purely national e-money operators at EUR 5 million instead of EUR 2 million. All in all, this is a very cautious step forward. It is not perfect. Compromises seldom are. Almost certainly it will have to be revisited in three or four years’ time and, by then, I hope more operators will have entered the business. Users and merchants will be clamouring for more choice. The more doubtful regulators, banks, Mrs Berès – and even the European Central Bank – will have become reconciled that this is a beneficial, user-friendly service which holds no risks to the European economy. We in Europe can at last take up all the opportunities which e-money offers."@en1
lpv:spokenAs	member; EPP-ED (2004-07-20--2009-07-13)3 unknown; Scottish Conservative and Unionist Party (2004-07-20--2009-07-13)3 member; Delegation for relations with Iran (2007-03-14--2009-07-13)3 substitute; ITRE (2007-01-31--2009-07-13)3 member; Delegation for relations with the Mashreq countries (2007-03-14--2009-07-13)3 vice-chair; ECON (2007-02-01--2009-07-13)3 substitute; Delegation for relations with the Gulf States, including Yemen (2007-03-14--2009-07-13)3
lpv:unclassifiedMetadata	"John Purvis,"1 "rapporteur."1
lpv:videoURI	<go to Events_and_structure europarl>2

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