Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-05-06-Speech-3-085"
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"en.20090506.3.3-085"2
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"Mr President, ladies and gentlemen, if you want to drain a bog you do not ask the fattest frogs how they would like it to happen. That is exactly the problem with the report on the Capital Requirements Directive, which is under discussion today. If we do not wish to still be setting up bad banks in ten or twenty years’ time then we must get banks and credit institutions to assume a significant business risk if they continue to deal in critical products. Five per cent is not significant.
Commissioner McCreevy brought up 15% and was then beaten down to 5% by the industry. The Council went along with this and the European Parliament cut a very sorry figure indeed. We German Social Democrats will vote for a higher retention and we will also vote for the continuation of the silent capital contributions, because a competition policy that attacks a business model and that has nothing to do with restructuring the banks is unfair.
I hope that we will adopt a reasonable resolution and that, after 7 June, we will have a Parliament that, with courage and more guts, speaks a clear language during the restructuring of the financial market."@en1
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