Activities of Isabella DE MONTE related to 2015/2221(INI)
Plenary speeches (1)
Banking Union - Annual report 2015 (A8-0033/2016 - Roberto Gualtieri) IT
Amendments (14)
Amendment 29 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas the BU plays a key role in funding investment and therefore in fostering growth and job creation throughout the European Union;
Amendment 115 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Invites the Single Supervisor to extend the scope of the Asset Quality Review to include all Level 3 financial assets, including derivatives, and to recalibrate the stress test, considering additional factors, such as potential litigation costs, with the aim of better preventing banking crises;
Amendment 125 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Underlines that economic recovery is underway but is still fragile and modest, inflation remains below its target, credit dynamics are still subdued in many jurisdictions, while credit conditions still differ among European countries and a large stock of non- performing loans weighs on many European banks’ balance sheets, limiting their capacity to finance the economy;
Amendment 141 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Notes that the Banking Structural Reform, which was conceived to reduce systemic risk and address the issue of "too big to fail" institutions, has yet to be implemented;
Amendment 142 #
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11b. Stresses the need to continue the work aimed at cutting the links between the traditional banking system and the traditional one, as proposed by the Liikanen high-level expert Group;
Amendment 171 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Welcomes the ECB initiative to engage into a review of the Option and Discretions (O&Ds) as a step towards harmonising supervisory practices; in this respect, recommends: a) to allow institutions not to include in the own funds unrealised gains or losses on exposures to central governments classified in the AFS category, if such a treatment was applied before 1 January 2014, as provided in Article 467 of Regulation (EU) 575/2013. This treatment shall be applied until the Commission has adopted a regulation on the basis of Regulation (EC) No 1606/2002 endorsing the International Financial Reporting Standard replacing IAS 39; b) to review the proposal on Liquidity Cover Ratio (LCR) waivers at cross- border level as provided in Article 8 of Regulation (EU) 575/2013; c) to exercise the option provided by Article 113(6) of Regulation (EU) 575/2013 , which allows the exemption from risk weighting of infra-group exposures for banking group under a single supervisory authority; d) to maintain the permission not to deduct equity holdings in insurance undertakings until December 2022 as provided in Article 471 of Regulation (EU) 575/2013; e) to allow the non-deduction of Deferred Tax Assets (DTA) depending on future profitability for the next three budget years, as provided in Article 478 of Regulation (EU) 575/2013;
Amendment 173 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Emphasises the importance of a level playing field within the Single Market and therefore calls for a continued effort aimed at achieving the Single Rule Book, through the removal of national options and discretions; such removal should in the first place ensure the establishment of a common set of rules and supervisory convergence between the EU Member States and the Banking Union and - within the latter - between banks under direct ECB supervision and banks not under direct ECB supervision; in addition, stresses that national options and discretions attributed to Member States prevent the ECB from developing a single coherent supervisory approach within the Banking Union and should therefore be eliminated in the future;
Amendment 174 #
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16b. In order to ensure that the situations and legal relationships governed by EU law remain foreseeable, calls on the ECB to attribute high importance to the principle of protection of the legitimate expectations by respecting and not revoking the transitional arrangements on which banks have relied in good faith when determining their capital planning; in this context, the maintenance of the non-application of fair value measurement for unrealized gains and losses on exposures to central governments classified in the "Available For Sale" category is of high importance; highlights that making such exposures mandatorily subject to fair value measurement (for capital requirement purposes), not only strengthens the link between banks and sovereigns, but may also lead to own funds volatility;
Amendment 175 #
Motion for a resolution
Paragraph 16 c (new)
Paragraph 16 c (new)
16c. Reminds that Regulation (EU) No 575/2013 grants a level playing field between conglomerates institutions and non-conglomerated institutions, which have holdings in insurance undertakings; stresses that the shortening of the transitional period for the exemption for the deduction of equity holdings in insurance companies from common equity Tier 1 items, provided for in Article 471 of Regulation (EU) No 575/2013, together with the confirmation of the exemption provided for in Article 49, would breach such level playing field, benefiting entities which form part of financial conglomerates to the detriment of other institutions; recalls that the shortening of the transitional period cannot in any case be established by regulations issued by a Supervisory Authority;
Amendment 176 #
Motion for a resolution
Paragraph 16 d (new)
Paragraph 16 d (new)
16d. Believes moreover that such change to Article 471 of Regulation (EU) No 575/2013 would negatively affect the "legitimate expectations" of supervised entities, that have already planned and targeted their capital requirements on the basis of the current regulation;
Amendment 242 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Acknowledges the traditional reliance of SMEs on bank funding on account of their specific nature, different risk profiles and variety across Europe; calls on the Commission, in cooperation with the ESAs, the ECB and national authorities, to assess the sufficiency of SME funding, to analyse the obstacles to, and benefits of the diversification of funding channels and how to enable banks and non-banks to increase SME funding, widening companies' choice among different methods of funding at different stages of their development; recalls the importance of tools such as the 'SME Supporting Factor'; suggests that the initiatives for improved SME funding should be expanded to start-ups, micro enterprises and mid-cap companies; highlights the potential of innovative and largely untapped venues for financing SMEs, including peer-to-peer lending, crowdfunding and private placement, and stresses the need to streamline the respective regulatory requirements;
Amendment 293 #
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36a. Stresses the need, as a consequence of the existence of the national compartments in the SRF, to rapidly put in place an adequate bridge financing mechanism in order to provide the fund, if necessary, with sufficient resources in the period before its completion; recalls that the Eurogroup and the Ecofin ministers identified, in their statement of 18 December 2013, the possibility of having recourse to national sources in the transition period, as well as to develop a common backstop during the same period;
Amendment 329 #
Motion for a resolution
Paragraph 39 a (new)
Paragraph 39 a (new)
39a. Recalls that while breaking the link between sovereigns and banks at national level remains an important objective, all the measures directed at achieving this objective, have to take into account both the international context and the short term repercussion on financial stability; stresses in particular that the introduction of a risk weighting on the sovereign debt exposure of banks, by severing the link between debt and saving in any given Member State, may endanger debt sustainability and put financial stability at risk; furthermore considers that this measure should only be taken in conjunction with risk sharing measures;
Amendment 354 #
Motion for a resolution
Paragraph 40 a (new)
Paragraph 40 a (new)
40a. Recalls that the reduction of systemic risk, attained through regulatory changes and efforts made at national level, should proceed in parallel with the creation of risk sharing mechanism at European level1 a; __________________ 1a Among the others, Commissioner Jonathan Hill, Responsible for Financial Stability, Financial Services and Capital Markets Union recently stated that: "Step by step, we need to make sure that risk reduction goes hand in hand with risk sharing.”