Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-04-16-Speech-2-045-000"

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"en.20130416.4.2-045-000"2
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"Mr President, systemically-important European banks are, by their very nature, global in coverage. This makes any interpretation in a regulation or directive of the global standards set by the Basel Committee critical to the future safety, both real and perceived, of the European banking sector. As coordinator for my group, I am concerned that those financial conglomerates which fall under the FiCOD legislation have secured more lenient treatment under Solvency II for insurance company capital and now under CRD IV too. Therefore I suggest that rules and capital requirements for FiCOD-defined financial conglomerates need to be addressed urgently to reduce systemic risk in some of Europe’s largest financial institutions. My concern for long-term European investors is once again not fully addressed, and although the CVA charge has rightly been dropped for non-financial companies, I am disappointed that the same exemption has not been secured for pension funds. We need to do more to recognise their unique role in the European financial system."@en1
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