Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-400-000"
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"en.20121120.28.2-400-000"2
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"Five years after the run on Northern Rock, we have still not tackled the main problem, which is to avoid banks being bailed out with taxpayers’ money again. We also do need to look at the so-called shadow banking sector in detail which covers a range of financial activities which should be subject to proportionate regulation where appropriate and necessary. While shadow banking in many ways complements the regular banking sector, it is widely recognised that there are many risks that could potentially be systemically relevant. That is why we have called for a number of proposals, subject to international recommendations, to tackle the linkages and processes that could prove dangerous to the financial services sector. I remain concerned about the suggestions on money market funds, and think that more debate is necessary, but on topics such as securitisation, I am pleased with the outcome of the debate. We need to make sure that sufficient sums of money are put aside to cover potential losses. We shall now look to the Commission to develop its thinking in tandem with the FSB's proposals and I hope that any further proposals are genuinely necessary, impact assessed and subject to cost benefit analyses"@en1
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