Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-04-15-Speech-2-019-000"
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"en.20140415.6.2-019-000"2
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"Madam President, today we are looking at three parts of the new rules on banks. The first is part of a global change that deals with the mistake of the past. In the past, when a bank faced failure, authorities either had to choose between a messy, uncertain bankruptcy or a taxpayer bailout, but now the recovery and resolution work changes that. We can have the orderly wind-down of a bank with creditors – not taxpayers – paying the bill, and depositors – that is ordinary men and women who have money in ordinary bank accounts – will be protected. The financial world will be a safer place. And this is largely thanks to G20 work led, I am glad to say, by the Bank of England and now adopted here as part of a new global framework. Thank you, colleagues.
The second bit of work is about deposit guarantees. It is quite right that banks and not taxpayers should pay the bill, and some countries have chosen to do this through the Deposit Guarantee Fund. Others, like my own, have chosen to take a levy. It is worth over GBP[nbsp ]2[nbsp ]billion to our own taxpayers. I am glad that we have not chosen a one-size-fits-all approach because different approaches can work and it is right that we have respected that.
The third leg is banking union. Here the eurozone has decided to go further. Decisions which were once taken at a Member State level will now be taken more at a European level and they will pool their funds. I understand why – because of the eurozone situation – some of those countries wish to do that, but the UK and many other members of my group are not part of the eurozone, so I am glad that the intergovernmental agreement makes it clear that we are not paying the funds and we do not share in the liabilities, because that puts up a firewall between those in the eurozone and those who choose not to participate. We have difficult negotiations ahead. If we can have international agreements where they are needed, respect different national approaches where appropriate, and understand that, although some countries want ever-closer union, others do not, then perhaps those negotiations will go well in the future."@en1
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