Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-04-04-Speech-2-597-000"
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"en.20170404.26.2-597-000"2
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"Mr President, this proposal which began as an attempt to reduce systemic risk in the shadow banking sector is now deeply disappointing. Let us not forget the role that money market funds played in sparking panic and fire sales in the US during the financial crisis. We had an opportunity to reduce the risk of a future crisis in the global economy and we have failed to take it.
These changes will be largely cosmetic and the address of CNAVs has not been agreed. Systemic risk, in other words, remains fully in place. As Mr Hayes has said, certain funds in Ireland and indeed Luxembourg will benefit from this outcome, but what is the cost? Last year the Financial Stability Board warned that shadow banking in Ireland was, unbelievably, 10 times the size of our economy.
We have already lived through a financial crisis in Ireland that was caused by a banking sector that was actually formally regulated but wholly inadequately so. We need to take the dangers posed by the huge and unregulated shadow banking sector very seriously and we need to act accordingly."@en1
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