Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-03-11-Speech-2-303-000"
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"en.20140311.49.2-303-000"2
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"Madam President, since the collapse of the banks, the run on Northern Rock more than six years ago and the collapse of Lehmann Brothers, the EU has responded by building a whole new European supervisory architecture consisting of the European Insurance and Occupational Pensions Authority, the European Securities and Market Authority, the European Banking Authority and the European Systemic Risk Board. We are told that this whole supervisory architecture will solve the problem or ensure that there is no repeat of the crisis. But all it does is reinforce the perception that we have not really tackled the fundamental causes of the crisis.
We need to make sure that there are no longer any taxpayer-funded bail-outs of failing banks and that banks are allowed to fail if they get into trouble. We need to make sure that directors are liable for that failure, so that they can enjoy the rewards of good performance but pay the costs of failure. We need to reform accounting standards to make sure that, once again, the accounts are an accurate reflection of a bank’s health and that they make sufficient provision for potential losses and do not book their profits up front. If we can do that, there is no need for these supervisory authorities."@en1
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