Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-04-16-Speech-2-016-000"
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"en.20130416.4.2-016-000"2
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"Mr President, it has indeed been a long and technical negotiation, but the final package is good. I would really prefer less of a regulatory arms race on complexity and encouragement away from derivative products, but that is for another day.
Bonuses inevitably take the limelight, masking other important work, but realignment of the pay/bonus ratio to reasonable proportions reduces perverse incentives to risky behaviour, even if the total pay remains the same.
On trade finance, Europe has now led the world, and I thank colleagues for their support. With growth scarce, it is the wrong time to treat trade unfavourably, so we have recognised the lower risk of short-term trade finance loans that are underpinned by the trade of goods and services.
Similarly, we have taken the progressive line of exempting all – not just EU – corporate hedging from excessive CVA charges, at least until better calibration is done. The whole area of CVA is at best incomplete and at worst ill-conceived for the EU, developing countries and anywhere else that, in contrast to the US, does not have active CDS markets for corporates in which to hedge the CVA charge.
Light will now be shed on what is pledged to whom through enhanced disclosures of repo transactions and asset encumbrance. Who has misbehaved will be checked on an EU-wide bankers blacklist, with authorities required to check a banker’s past.
Who has paid tax and where will be revealed by country-by-country reporting for banks – and take note, this is the forward march into all sectors. It has begun here. There is balance in the constrained flexibility on capital buffers, macro-prudential controls and single market precautions, and the role of EVA in resolution plans and other areas has been reinforced. Some legacy exemptions remain, but together with the provisions on asset quality liquidity and forward planning for leverage ..."@en1
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