Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-05-06-Speech-3-253"
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"en.20090506.32.3-253"2
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"I congratulate Mr Karas. This vote is an excellent outcome for many reasons.
First, among them is the fact this is a package which Parliament recommended and negotiated. I have been in such negotiations and I know how difficult such talks can be.
Second, is the substance, which is to say this legislation delivers better protection for British and other citizens across the EU.
Securitisation was the method by which the so-called ‘toxic assets’ were spread between banks, leaving huge debts in many private and public banks.
The idea of retention of the originator asset by as much as 5%, subject to a review after impact assessments and international changes, is vital.
Reducing the ‘leveraging’ and ensuring the proper capital adequacy of banks is the guard against behaviour by banks which has brought us to the very edge of financial disaster.
Mr Karas can be satisfied with his work in the negotiations. I know how difficult it is for Parliament to get improvements to texts, but this first reading deal is a sensible one."@en1
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