Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-06-Speech-3-213"
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"en.20101006.15.3-213"2
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"Madam President, I think everybody agrees that we need to strengthen the resilience of the banking system. Thanks to Mr Karas, we are aware that under the Basel proposals, we do not have a level playing field, and if you do not have a level playing field, you cannot compete. In fact, there is a great danger that you will score many own goals.
The point has been made, but needs to be made precise, that the US and Europe are totally different. The US economy is mainly financed through the capital markets. Europe relies mainly on the lending capacity of the banking sector and we know that more than anywhere in Ireland. Our banks simply cannot give credit to SMEs, and otherwise viable SMEs are going to the wall every day simply because they are starved of credit. And, as Vicky pointed out, the taxpayer is bailing out these bankers and also funding the redundancy packages and the pension funds and the golden handshakes of dormant regulators, etc.
So there is a lot of work to be done to get the balance right and I think that is the key here. I am encouraged by the Commissioner’s response, and he did say he would work with us and would try and get the balance right and establish a level playing field. Then we would be scoring goals and not conceding own goals."@en1
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