Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-12-Speech-1-167-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20110912.24.1-167-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Madam President, it is indeed a paradox that throughout the debate on the crisis and the anti-crisis measures the scale of the accountability of the banks and the extent of the non-transparency, which increases systemic risk, have been absent.
In the period before the crisis the banks were awarded outstanding certificates from their auditors and all of a sudden we hear that many of them have so many worthless assets on their books, that they are at risk of collapse even on small fluctuations. We must consider that fact seriously and we must effectively ensure that such a situation does not re-occur in the future. One of the reasons for the inconsistency of audit reviews and their poor quality is mainly the concentration of large firms in this type of business. Four large companies depend on revenue from the rated financial institutions, and they therefore gave them good ratings regardless of the actual situation. I therefore support the rapporteur’s proposal that this monopoly should be broken up and that real competition should be introduced in the audit market so that smaller companies might get a chance. I would therefore ask the Commission, namely the Directorate-General for Competition, to hold a detailed review of the audit market and to develop a pan-European system of professional liability for auditors."@en1
|
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples