Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-02-04-Speech-2-287-000"
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"en.20140204.43.2-287-000"2
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"Mr President, I speak as one of the Members of the European Parliament for London, home to Europe’s two largest financial districts – Canary Wharf and the City of London – both in my constituency.
Most people would agree that where there is criminal behaviour then those people who are criminals should face the full force of the law. But if we really want to learn the lessons from the crisis, there are three measures that we should look at.
The first is, as explicitly as possible, no more taxpayer bailout for failing banks. Secondly, let us make sure that directors are liable and accountable for bank failure. I do not mind if they earn great bonuses when they do well and perform well, but they should also pay the price for failure. Thirdly, let us tackle the accounting standards which allow banks to book unrealised profits up front without making sufficient provision for losses or impaired instruments. If we could tackle those three issues, we would go a long way to learning the lessons of the crisis."@en1
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