Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-15-Speech-3-594-000"

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"Mr President, it is good to see a native of Düsseldorf in the chair. Firstly, I would like to point out that it is actually 18 months since the Commission presented its proposal. The proposal became necessary after it was found in several countries throughout Europe, including Germany, that the deposit guarantee schemes were unable to keep the promises made, and that was the case right across the various banking sectors. The Commission tabled an ambitious proposal and Parliament did not avert its eyes from the crisis. It is abundantly clear that the banking system is under stress and we must avoid fanning the flames even further. This is why we were prepared to agree to a compromise reached on a cross-party basis that would involve a significant reduction in the Commission’s requirements with regard to the level of deposits to be saved. We were prepared to ensure that the deposit period would be extended. In our proposal, we also ensured that the tried-and-tested bank guarantee systems would be preserved. Despite all our willingness to compromise, the Council has so far refused to meet our demands. I am certain that most of the citizens of Europe do not want this. They want a guarantee scheme for deposits that has enough cover to make it credible that higher risk banks should be required to pay more than those who take fewer risks, and which is in a position to pay out money to the public quickly. We cannot wait for this any longer. This grand coalition of the three big Member States who have blocked this for so long is now beginning to weaken. It is time for a majority vote in the Council. I am glad indeed that the Commission is on our side in relation to our central demands. I look forward to continued positive cooperation and a prompt agreement in the interests of our citizens."@en1

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