Activities of Paul TANG related to 2020/2122(INI)
Plenary speeches (1)
Banking Union - annual report 2020 (debate)
Amendments (10)
Amendment 6 #
Motion for a resolution
Citation 40 a (new)
Citation 40 a (new)
— having regard to the European Commission action plan for a comprehensive Union policy on preventing money laundering and terrorism financing of 7 May 202029a, _________________ 29ahttps://ec.europa.eu/info/business- economy-euro/banking-and- finance/financial-supervision-and-risk- management/anti-money-laundering-and- counter-terrorist-financing_en
Amendment 23 #
Motion for a resolution
Recital A b (new)
Recital A b (new)
A b. whereas the completion of the Banking Union is a vital contributor to the international perception of the euro and its increased role in global markets;
Amendment 41 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas more than ten years after the financial crisis, the ‘too big to fail’ and ‘too interconnected to fail’ problems remain insufficiently addressed;
Amendment 153 #
Motion for a resolution
Paragraph 8 c (new)
Paragraph 8 c (new)
8 c. Reminds that the European Green Deal shall be a cornerstone of EU policies in the upcoming years; underlines the role of private finance and investments in supporting the climate transition, as established in the Sustainable Europe Investment Plan; welcomes recent and upcoming legislative action that incentivises investments in line with the European Climate Law, including the EU taxonomy climate delegated act and the establishment of a EU green bond standard;
Amendment 195 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Regrets the failure to ensure full gender balance in EU financial institutions and bodies; calls on the governments of the Member States, the European Council, the Eurogroup and the Commission to actively work towards gender balance in their upcoming proposals for shortlists and appointments, endeavouring to include at least one female and one male candidate per nomination procedure; reiterates its resolution on respect for the gender balance principle in forthcoming lists of candidates;
Amendment 199 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Highlights the opportunities a fully-fledged banking union creates for banks to spread risks on their balance sheet; regrets that banks continue to have excessive exposure to their national sovereign debt, risking self-fulfilling prophecies that can weaken banks and governments; seeks to create upper-limits on the exposure of banks to one single sovereign; underlines that such a limit should be set sufficiently high in the short-term and slowly decrease over time;
Amendment 281 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24 a. Reminds that the tragedy of the horizon means private actors, including banks, do not sufficiently take into account long-term risks, such as climate change; recalls that a recent International Energy Agency study concluded that, to reach the Paris goals, no new oil and gas projects should be developed, meaning that the EU's legal obligations under the climate law means that all investments in new fossil fuel projects will become stranded assets1a; therefore supports an update of the Capital Requirements Regulation to apply a risk weight of 1250% to new fossil fuel exposures, ensuring such investments are fully equity-funded; _________________ 1aInternational Energy Agency (2021) Net Zero by 2050 A Roadmap for the Global Energy Sector
Amendment 282 #
Motion for a resolution
Paragraph 24 b (new)
Paragraph 24 b (new)
24 b. Warns that companies with high exposures to fossil fuels frequently have high external credit ratings, even though they have significant exposures on their balance sheets that risk becoming stranded assets; underlines that this represents a market failure to integrate the long-term in decision making which merits government intervention; calls for a risk-based re-evaluation of the risk- weights attributed to existing fossil fuel exposures under the Capital Requirements Regulation; suggests a risk weight of 150% for such assets;
Amendment 288 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Recalls that for AML/CFT efforts to be effective, the competent authorities and financial institutions must act in a coordinated manner; highlights that prudential and anti-money laundering supervision need to be better aligned; recalls its serious concerns about regulatory and supervisory fragmentation in the field of AML/CFT, which has led to a failure to provide adequate oversight and responses to the deficiencies of national supervisory authorities and undermines their ability to supervise the increasing cross-border activity in the EU; encourages the partial conversion of the provisions laid down in previous anti- money laundering directives into a regulation, thus targeting loopholes;
Amendment 294 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Highlights the important role of the banking sector in the battle against tax avoidance; reiterates the Parliament's position that increased audits and know your customer requirements are in order for transactions involving countries on Annex I or II of the list of non- cooperative jurisdictions for tax purposes;