Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-04-16-Speech-2-342-000"
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"en.20130416.41.2-342-000"2
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"I joined fellow MEPs in voting overwhelmingly in favour of this report, which aims to make banks safer, more accountable, and more focused on their essential role of lending to the real economy. Measures included in the report should put an end to the excessive risk culture that led to bank bail-outs and bank collapses, and ensure a more sustainable banking model. Banks were previously given a chance to show restraint and regulate themselves but have failed to do so.
In supporting this report, we have forced restraint on the banks by ensuring that the salary to bonus ratio cannot be more than 1:1, or 1:2 if agreed by shareholders. The report also includes requirements for greater transparency on banks’ profit, loss and turnover, requirements for large banks to hold additional capital, and measures to ensure that the cost of lending to SMEs does not go up during times of economic downturn. At a time of austerity, when banks have been bailed out, ordinary citizens quite rightly object to bankers receiving huge bonuses. In supporting this report, Labour MEPs voted for what the vast majority of European people want."@en1
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