Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-15-Speech-3-596-000"
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"en.20120215.27.3-596-000"2
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"Mr President, the purpose of the deposit guarantee scheme is to put an end to the scenes of queues of frightened customers, desperately trying to get their cash out of a failing bank and to stop banks having to be bailed out by taxpayers. I agree with this. We all want to give people confidence that their money is safe with a bank.
I have supported the rapporteur in many key areas, such as risk-based contributions and the emergency payout period. Banks must have proper computer systems for a rapid return of funds. Parliament is right to fight for this.
I recognise that there needs to be a level playing field across the single market, but I am concerned that this report will pull vital funds out of some of our economies. Many governments share these concerns, including Mario Monti’s I understand.
The question is how to pay out funds. The proposal forces banks to take the equivalent of one and half cents in every euro – or one and a half pence in every pound – away from lending to businesses and into supposedly safe investments, with unlimited investments allowed in sovereign debt.
This fund, equal to 1.5% of deposits, may be enough in countries where there are many small banks, but it would not be enough in countries which have very concentrated markets and are dominated by huge players. That is why in the UK, for example, the government has gone further to protect depositors – but in a different way, with ring fencing, higher capital ratios and the right to pull in funds retrospectively.
Let me be clear. I completely support Member States who want to introduce pre-funded schemes if that works for consumer protection in their market, but for this directive to work throughout, it must take account of the realities and differences in our national markets. While we will continue to support the rapporteur where we can, I hope he will take the opportunity to listen to the concerns of a number of different countries and work towards a better proposal supporting both the depositors and those in need of lending commitments from banks."@en1
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