Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-19-Speech-2-447"
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"en.20101019.22.2-447"2
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"Mr President, Mrs Kratsa-Tsagaropoulou asked me about liquidity. I want to reiterate that the financial crisis has shown that banks with excess liquidity have refrained from lending on the interbank market because they have very prudently accumulated liquidity for their own potential needs. Furthermore, this problem has been exacerbated due to a lack of understanding of the financial robustness of other institutions. In my opinion, the new liquidity requirements will help to solve the problem of insufficient liquidity in the markets both by improving risk management of the banks’ liquidity and by strengthening their cash reserves.
The transitional arrangements planned by the Basel Committee foresee that the new liquidity coverage ratio will only become mandatory, Mrs Kratsa-Tsagaropoulou, from 2015, which I believe should allow sufficient time for banks to comply and limit any undesirable impact on markets during the transition period.
Mr Rübig, you mentioned Basel II. May I remind us all that, in the case of the United States, which you mentioned, Basel II has not yet been implemented, nor has Basel 2.5, I might add. During my first visit to the United States, on 9 and 10 May 2010, I also made a deal, or rather reached an agreement, with the American Secretary of the Treasury – with whom I shall be meeting again next week – to ensure that the United States will implement Basel 2.5 in mid-2011.
Mr Rubig, your question is very important because it gives us an opportunity to state that we have international commitments. The Americans have played an important part in drawing up the Basel standards. They are closely involved in the process and therefore it would be incomprehensible ... let me say this in a more positive way. It would be quite normal for these joint decisions to be implemented jointly, in parallel. I am very mindful of this parallelism with the United States; moreover, I am going to make sure of it in a few days, during my second visit.
With regard to the impact of Basel III on both major and smaller banks, generally speaking, we will proceed very carefully with macro- and micro-economic impact studies, without improvising, and I will use all flexibility margins in order to develop good measures and good decisions that are as well-gauged as possible.
Mr Zemke asked me about timing. What we are going to do, Mr Zemke, in spring 2011, is draw up legislative texts, a draft directive, called the Capital Requirements Directive 4 (CRD 4); after we have carried out all the impact studies, an assessment of the Basel measures, the macro- and micro-economic impact study, and assessments of the other measures of which I am mindful and – I talked about this earlier – which involve external or internal supervision, this directive will properly implement a risk prevention system in banks, followed by a transatlantic assessment.
I need a few months to carry out a thorough job: listen to Parliament, listen to the financial services stakeholders, take the right steps and make good proposals. All of this will take place in spring 2011, with CRD 4 and these legislative texts."@en1
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