Activities of Jonás FERNÁNDEZ related to 2020/2122(INI)
Plenary speeches (1)
Banking Union - annual report 2020 (debate)
Amendments (40)
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 22 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas a more stable, competitive and convergent Economic and Monetary Union requires a Banking Union with a European Deposit Insurance Scheme, a Capital Markets Union, a permanent Budgetary Instrument, a revised fiscal framework and more effective cooperation and coordination on tax affairs;
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 28 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. whereas both the ECB and the SRB call for the swift completion of the Banking Union namely with the establishment of the EDIS (European Deposit Insurance Scheme);
Amendment 34 #
Motion for a resolution
Recital C
Recital C
C. whereas the lack of a solution to the treatment of sovereign debt exposures andin the banking prudential framework national options and discretions persists, undermining the European dimension of the Banking Union;
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 43 #
C a. whereas the regulatory treatment of sovereign debt exposures in the EU is in line with international standards;
Amendment 54 #
Motion for a resolution
Recital E
Recital E
E. whereas consumer protectionand investor protection is paramount to the deepening of the Capital Markets Union (CMU), but varies across the Banking Union;
Amendment 56 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas the Banking Union still lacks effective tools to tackle problems consumers are facing: artificial complexity, unfair commercial practices, exclusion of vulnerable groups from using basic services as well as limited involvement of public authorities;
Amendment 59 #
Motion for a resolution
Recital F
Recital F
F. whereas prudential and anti-money laundering supervision is necessaryfully harmonised standards and institutional cooperation on the prudential aspects of anti-money laundering and anti-money laundering supervision and enforcement are necessary to protect the integrity of the EU’s financial system;
Amendment 68 #
Motion for a resolution
Recital H
Recital H
H. whereas the EU and the UK are currently committed to maintaining regulatory and supervisory cooperation in the field of financial services; whereas this engagement by the UK should be kept for future relations;
Amendment 76 #
Motion for a resolution
Recital J
Recital J
J. whereas depositors across the Banking Union shouldmust enjoy the same level of protection;
Amendment 104 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Notes that the full implementation of the Banking Union is necessary to deliver better conditions for the financing of the European economy, both to households and companies, still largely reliant on bank credit to foster investment and job creation;
Amendment 119 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Underlines the vital contribution to addressing the crisis of public guarantee schemes, moratoria on loan repayments for borrowers in financial difficulty, the central banks’ liquidity programmes and the ECB’s targeted longer-term refinancing operations (TLTRO) and pandemic emergency purchase programme (PEPP); stresses the importance of keeping the above measures in place as long as necessary;
Amendment 134 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes the ‘quick fix’ to the Capital Requirements Regulation31 extending transitional arrangements in order to support banks’ lending capacity32 ; believes that a 2 year freeze of the calendar of minimum loss coverage requirements set in the CRR and of supervisory expectation should be examined, considering that in many countries civil courts have been closed or their activity significantly reduced and collateral enforcement procedures have been postponed or delayed; underlines that such regulation could introduce a perverse incentive for banks towards starting judicial procedures for credit recovery and collateral enforcement also for those borrowers who experience temporary difficulties in payments; encourages the application of forbearance measures to firms and households, and calls for the removal of all regulatory obstacles to their application; _________________ 31Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1). 32Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic (OJ L 204, 26.6.2020, p. 4).
Amendment 146 #
8. Calls for a well-orchestrated, gradual shift from pandemic relief to recovery support tools, taking into consideration at every step the current conditions;
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 157 #
8 a. Stresses that completing the Economic and Monetary Union requires the completion of the Banking Union with a European Deposit Insurance Scheme, a more developed and safe Capital Markets Union, a permanent budgetary instrument, a revised fiscal framework and more effective cooperation and coordination on tax affairs;
Amendment 158 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Underlines the importance of completing the Capital Markets Union, which complements the Banking Union in the financing of the real economy; stresses, furthermore, that a fully integrated Capital Markets Union together with a fully-fledged Banking Union would allow for public and private risk sharing, and would moreover strengthen the international role of the euro as well as further enhancing the competitiveness of European markets and promoting sustainable private investment; highlights, in this regard, the need for a level playing field that avoids disadvantages for SMEs in terms of access to finance, and the need to carefully monitor the issuance of securitised products;
Amendment 166 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Welcomes the Commission’s Proposal for a Corporate Sustainability Reporting Directive (CSRD); calls on the Commission to deploy further efforts to better align financial market activity with sustainability objectives and environmental, social and governance criteria, including the development of sustainability ratings based on ESG criteria;
Amendment 182 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Notes the postponement of the implementation of the Basel III reforms and awaits the Commission’s upcoming proposal on the implementation of the finalised standards, taking into account the specificities of the EU banking sector; stresses that even though Basel recommendations should be adapted, when appropriate, to European specificities, the EU capital requirements regulation must be Basel compliant;
Amendment 188 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Calls on the Commission to consider to what extent the growing importance of non-bank financial intermediation and its interconnection with the banking sector require additional macroprudential tools, namely the development of ex ante liquidity management tools and careful analysis of existing leverage measures; highlights that the recent pandemic shock illustrated that the non-bank sector can amplify market volatility and price dislocation, particularly when market liquidity comes under pressure;
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 198 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Calls on the Commission to review the eligibility criteria with the objective of attracting a higher number of applications from women;
Amendment 218 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses that ensuring proper and timely management of deteriorated exposures will be key to preventing a build-up of non-performing loans (NPLs) in the short term; calls on supervisors to continue to adequately consider the side effects that massive disposals of NPLs can have on prudential balance sheets of banks that use internal models;
Amendment 230 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Stresses that banks should diligently assess the financial soundness and viability of businesses, proactively engage with distressed debtors to manage their exposures, and offer financing and restructuring options to viable companies and sectors whose prospects of recovery post pandemic, analysed on a case-by- case basis, remain high; stresses that the prudential framework should be consistently amended to allow and encourage such options;
Amendment 234 #
18 a. Underlines the need to protect borrowers' rights in the context of NPL transactions and calls on Member States to put measures in place to ensure that borrowers, who might be in already vulnerable financial situations, are not subject to aggressive and unfair treatment and practices by poorly-regulated debt buyers and collectors; calls on the Commission, in the upcoming revision of the Consumer Credit Directive, to laydown more ambitious provisions on the protection of borrowers against abusive practices, ensuring that those rights apply equally to existing and future loans;
Amendment 235 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18 a. Calls on the ESAs to make full use of their powers to ensure a high degree of consumer protection, including, where appropriate, product intervention powers where financial and credit products have resulted in or are likely to result in consumer detriment;
Amendment 236 #
18 b. Underlines the importance of protecting consumer rights, namely regarding unfair terms and practices, banking fees, the transparency of products costs, profitability and risks; notes that the Banking Union still lacks effective tools to tackle problems consumers are facing such as unfair commercial practices and artificial complexity; calls, in this respect, on the European Banking Authority to devote more focus in fulfilling its mandate on properly collecting, analysing and reporting on consumer trends, and also on the review and coordination of financial literacy and education initiatives by the competent authorities; calls further on the Commission to scrutinise the unfair clauses and practices employed by the banking sector, in consumer contracts and to ensure the effective and swift implementation by all Member States of the Directive 93/13/EEC on unfair terms by using all means in place;
Amendment 251 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses the benefits of banking consolidation in addressing the overcapacities and fragmentation of the banking sector, taking into account each MS specificities; remains concerned, nonetheless with the existence of “too-big- to-fail” institutions; stresses furthermore the benefits of protecting diversity/plurality of financial sectors in building up systemic trust and maintaining the financial stability;
Amendment 252 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20 a. Stresses the importance of supervisory guidance recommending conservative policies on dividends and share buy-backs for financial institutions, attending to the need to maintain sufficient capitalisation;
Amendment 261 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Is concerned that as Member States sell increasing amounts of sovereign bonds, their share in banks’ balance sheets grows, potentially aggravating the doom loop; considerstresses that the creation of Next Generation EU willcan provide high-qualita truly European safe assets;
Amendment 267 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Takes the view that these high quality European Safe Assets will diversify the pool of safe assets available in the EU, providing an opportunity for banks to reduce the exposure of their balance sheets to national sovereign debt and contributing to strengthen the international role of the euro;
Amendment 269 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Stresses that the EU regulatory framework on prudential treatment of sovereign debt should be consistent with international standards;
Amendment 285 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Notes the EBA’s role in leading, coordinating and monitoring the EU financial sector’s fight against money laundering and terrorist financing; welcomes the ECB’s efforts over the past two years to enhance exchange of information between the SSM and AML/CFT supervisors to better take into account AML aspects in prudential supervision measures;
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 307 #
Motion for a resolution
Paragraph 29
Paragraph 29
29. Welcomes the fact that while the SRB was not required to take resolution action in 2020, it nevertheless collaborated with the SSM regarding close-to-crisis cases; appreciates the advancement of the current resolution planning cycle, and reiterates that MRELproportionate MREL setting represents one of the key elements in enhancing banks’ resolvability while ensuring broader financial stability;
Amendment 321 #
Motion for a resolution
Paragraph 30 a (new)
Paragraph 30 a (new)
30 a. Stresses that the “sale of business” strategy should be prioritised by the SRB as a way to minimise value losses in resolution and liquidation; considers therefore that access to the SRF and the national deposit guarantee schemes (NDGSs) should be facilitated, as a way to minimise tax payer contributions and destruction of value, and ensure financial stability;
Amendment 335 #
Motion for a resolution
Paragraph 33
Paragraph 33
33. Considers it necessary to review the public interest assessment in order to allow resolution tools to be applied to a broader group of banks, namely for middle-sized banks;
Amendment 376 #
Motion for a resolution
Paragraph 36 a (new)
Paragraph 36 a (new)
36 a. Calls for further steps towards a time-bound work plan on all outstanding elements needed to complete swiftly the Banking Union and deliver a fully-fledged EDIS;