Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-051-000"
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"en.20110704.20.1-051-000"2
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"Madam President, congratulations to Mr Stolojan and the services, including Mr Van Es – he does not get mentioned very often but he is quite a solid part of our Parliamentary services, he should be thanked. Everyone – at least almost everybody – has worked tirelessly and very hard to get consensus on this law, and the legislation we will vote on will ensure appropriate supplementary supervision of financial groups. This is something that was missing from our discussion on Solvency II and which we knew was very important – as were, we remember, the effects of AIG when they occurred. So it is gratifying that I have heard already from the Commissioner of the transatlantic bearing of this issue.
We all know very well what happens when corporations are involved in things which are too complex and too risky. To this end, financial business and other key business are accommodated in this particular report, whether they are banks or insurance or involved in securities. This legislation spreads out the approach to those risks.
Commissioner, may I just mention to you now that transatlantic issues are still alive, and we need to ensure that the financial conglomerates are a part of that discussion, particularly in the TEC. I do not want to sound accusatory, but we are not seeing financial issues discussed in the TEC and we are wondering which side of the Atlantic is being resistant to seeing it discussed. Please come back to me on that.
On the directive itself, you are right: stress-testing, the role of authorities, correlation tables, are notable successes for Parliament. We won them in a hard fight within the trialogues. We should feel justified, therefore, in our relative success in this legislation, which I believe will continue in the interest of better protection of consumers – something that we should come to expect."@en1
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