Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-04-16-Speech-2-339-000"
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"en.20130416.41.2-339-000"2
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"The ECR agrees that an international banking industry requires international regulation, and we support moves towards a global standard. We welcome the Parliament's success in securing safeguards which limit the harm to real-economy lending, e.g. special status for building societies and protecting mortgage payers who face temporary difficulties. Nevertheless, we are concerned that this legislation is not fully compliant with Basel III requirements, particularly with regard to the write-down or conversion of junior tiers of debt prior to any taxpayer-funded bailout. This was a key amendment for our Group which has been dropped from the text since the committee vote in May last year. The Basel Committee on Banking Supervision also identified a number of areas in this legislation which were materially non-compliant with Basel standards: there is no binding minimum standard on what constitutes high loss-absorbing capital, no commitment to a Net Stable Funding Ratio and no requirement to hold 60% of Liquidity Coverage Ratio in the highest quality liquid assets. The result is that this piece of legislation does not sufficiently meet internationally agreed banking standards which aim to prevent a future financial crisis. It is for this reason that the ECR has decided to abstain on the final vote of this package."@en1
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