Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-075-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-04"^^xsd:date2
dcterms:Is Part Of	lp_eu:Short selling and certain aspects of credit default swaps (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20110704.21.1-075-000"2
lpv:hasSubsequent	lp_eu:2011-07-04-Speech-1-076-0002
lpv:speaker	lp:Syed Kamall2
lpv:spoken text	"Mr President, I would like to thank the rapporteur and the shadow rapporteurs for the work that we have done, even though we may not agree on every element. One of the things that we do agree on is the need for better coordination between regulators and supervisors across borders so that they can act quickly. We all agree on the need for greater transparency. We can also agree that, where there is abusive behaviour in short selling, that should be banned. But that is banned under the Market Abuse Directive, so we have to be clear about what we are trying to achieve with this directive. The question has been raised about uncovered sovereign CDSs. When I talk to the participants in the market I ask them why they want to use uncovered sovereign CDSs. Some of the investment banks tell me that they need them if they provide credit lines to some small and second-tier banks. I have also heard from investors – and I have shared this with my colleagues, but they did not seem to want to listen – that, if you have investments in countries that you are concerned about and you cannot get protection on those investments, you use uncovered sovereign CDSs as a proxy hedge for those investments, in such sectors as infrastructure, shopping malls and others. That is why they are used. The problem is that, if we ban this, what will we end up with? We will end up with more complicated and less transparent instruments, when we want transparency. We will also end up not actually recognising the real problem. The real problem with CDSs and other derivatives is how they are treated on the balance sheets of banks and how banks use them to falsify their accounts, liquidity and capital. Let us focus on the real problem here, rather than trying to ban everything without tackling the real problem. Let us tackle the real problem of transparency, IFRS standards and the way these instruments are dealt with by banks."@en1
lpv:spokenAs	substitute; INTA (2009-07-21--2012-01-18)3,3 substitute; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3,3 member; PECH (2009-07-14--2013-11-18)3,3 substitute; JURI (2011-06-08--2012-01-18)3,3 substitute; Delegation for relations with the Maghreb countries and the Arab Maghreb Union (2009-09-16--2014-06-30)3,3 member; ECON (2011-06-08--2012-01-18)3,3 member; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2009-09-16--2012-02-01)3,3 unknown; Conservative Party (2009-07-14--2014-06-30)3,3 substitute; Delegation to the Parliamentary Assembly of the Union for the Mediterranean (2009-09-16--2014-06-30)3,3
lpv:unclassifiedMetadata	"Syed Kamall,"1 "on behalf of the ECR Group."1
lpv:videoURI	<go to Events_and_structure europarl>2

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