Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-299-750"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20110608.20.3-299-750"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"I welcomed this document because the credit rating industry has various problems, the most serious of which are oligopolistic structures and the lack of competition, accountability and transparency. For the dominant credit rating agencies (CRAs) in particular, the payment model is a problem, while the regulatory system’s key problem is over-reliance on external credit ratings. As you know, CRAs rate three different sectors – the public sector, companies and structured finance instruments. There is an inherent conflict of interest if market participants devise internal credit risk assessments for their own regulatory capital requirements. I see the need to increase supervisors’ responsibilities, capacity, powers and resources for monitoring, assessing and overseeing the adequacy of the internal models and for imposing prudential measures. I believe that credit ratings must serve the purpose of increasing information to the market in a manner that provides investors with a consistent assessment of credit risk across sectors and countries, and consider it important to enable users to better scrutinise CRAs. In this respect, it is necessary to highlight the central role of increased transparency in their activities. I firmly believe that we must support the establishment of new CRAs while avoiding any distortions of competition."@en1
|
Named graphs describing this resource:
The resource appears as object in 2 triples