Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-403-875"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2012-11-20"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"pt"^^xsd:language2
lpv:document identification number	"en.20121120.28.2-403-875"2
lpv:hasSubsequent	lp_eu:2012-11-20-Speech-2-404-0002
lpv:speaker	lp:Inês Cristina Zuber2
lpv:spokenAs	substitute; Delegation for relations with the Mercosur countries (2012-03-05--2014-06-30)3 vice-chair; Delegation for relations with the countries of Central America (2012-03-19--2014-06-30)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2012-03-12--2014-06-30)3 substitute; CULT (2012-01-19--2014-06-30)3 substitute; ITRE (2012-01-19--2014-06-30)3 vice-chair; EMPL (2012-01-25--2014-06-30)3 unknown; Partido Comunista Português (2012-01-18--2014-06-30)3 member; FEMM (2012-01-19--2014-06-30)3 member; EUL/NGL (2012-01-18--2014-06-30)3
lpv:translated text	"− The report acknowledges that the shadow banking system represents 25 % to 30 % of the total financial system and half of total bank assets. It recognises that since 2008 only a few of the practices of shadow banking have disappeared, the dependence of the normal banking sector on shadow banking and that shadow banking can threaten the stability of the financial system. It notes that regulation, evaluation and auditing where there is distortion of credit risk or disturbance of cash flows is impossible. The majority are enacting change to leave everything the same, seeking to make us believe that the problem lies in the functioning of shadow banking, in its excesses, and not in its very existence. But it is in its existence and in its purely speculative nature that the problem lies. It is a system dominated by large investment banks with a portfolio of financial instruments exceeding several times over the gross domestic product of some countries (even so-called rich countries) which have developed the most speculative tools, particularly with regard to the public debt of States. A system that uses the added value created in the productive sphere to create instruments (papers) that are sold and resold, and then the bill is passed to the workers and the people when someone along the speculation chain does not pay up."@en1

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