Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-14-Speech-2-522"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-12-14"^^xsd:date2
dcterms:Is Part Of	lp_eu:Credit rating agencies (debate)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20101214.37.2-522"2
lpv:hasSubsequent	lp_eu:2010-12-14-Speech-2-5232
lpv:speaker	lp:Evelyn Regner2
lpv:spokenAs	unknown; Sozialdemokratische Partei Österreichs (2009-07-14--2014-06-30)3 substitute; Special committee on the policy challenges and budgetary resources for a sustainable European Union after 2013 (2010-06-17--2011-06-30)3 vice-chair; JURI (2009-07-16--2012-01-18)3 substitute; EMPL (2009-07-16--2012-01-18)3 member; S&D (2009-07-14--2014-06-30)3 member; Delegation for relations with the countries of the Andean Community (2009-09-16--2014-06-30)3 substitute; Delegation for relations with Israel (2009-09-16--2014-06-30)3
lpv:translated text	"Mr President, Mr Chastel, Commissioner, credit rating agencies played, and are still playing, a dishonourable role in the financial crisis. There are too few of them, they are too powerful and too lacking in transparency, and their structure and importance is an example of how badly things have gone awry with our global financial system. Confidence in credit rating agencies can only be restored by establishing new, sound rules for them. Tomorrow, we will vote on one step in this development, the necessary adaptation of credit rating agencies to the new European financial market supervisory structure and adaptation to the new comitology procedure, the delegated acts. ESMA will be brought into being. It is authorised to permanently revise ratings, carry out a thorough inspection of credit rating agencies and also to impose penalties that are higher than the profit gained from breaking the law. All of these are new developments that are, as a minimum, absolutely necessary. However, I would like to point out that the European Securities and Markets Authority should be staffed in such a way as to enable it to actually carry out its tasks efficiently and not by a relatively small staff of ESMA employees who are expected to perform almost superhuman tasks. We should be completely open with regard to the forthcoming major reform of the credit rating agencies and today, we should discuss what seems to be almost impossible or hard to imagine. After all, special purpose entities in which banks deposited their junk bonds received the highest credit rating from the credit rating agencies. Thus, in the major revision, we should consider creating a European public rating agency and changing and examining the payment model. Finally, we should, of course, consider whether there is a need for a second rating. We need a serious, robust form of regulation so that it cannot happen again that three large agencies can bear so much of the responsibility for this current sorry financial situation."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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