Activities of Maria Lidia SENRA RODRÍGUEZ related to 2017/0143(COD)
Plenary speeches (1)
Pan-European Personal Pension Product (debate) ES
Amendments (16)
Amendment 177 #
Draft legislative resolution
Paragraph 2
Paragraph 2
2. Calls onDemands that the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;withdraw this proposal for a Pan- European Personal Pension Product and instead draw up proposals for strengthening public pensions systems and public pensions to guarantee public pensions for all persons in the European Union.
Amendment 178 #
Draft legislative resolution
Paragraph 3
Paragraph 3
3. Instructs its President to forward its positCalls for the percentage of GDP to be spent on pensions to the Council, the Commission and the national parliamentsbe determined jointly with Member States based on the percentage of the population aged 65 and over.
Amendment 179 #
Draft legislative resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Encourages the Commission to look into the possible implementation of a public pension scheme in Europe
Amendment 186 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) whereas financial innovation was at the root of the financial crisis that erupted in 2007, causing the economies of developed capitalist countries to experience the biggest crisis since the Second World War;
Amendment 191 #
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1b) whereas the three pillar banking model, including the mandatory rebate for private insurance schemes, has proved disastrous in the countries where it was implemented, clearly showing that people prefer a collective inter-institutional system of redistribution to the system of individual capitalisation;
Amendment 196 #
Proposal for a regulation
Recital 1 c (new)
Recital 1 c (new)
(1c) whereas financial innovation will not guarantee safe pensions, but will instead contribute to an accumulation of capital in search of valorisation and to the financial instability triggered by the processes of financialisation of the global capitalist economy,
Amendment 197 #
Proposal for a regulation
Recital 1 d (new)
Recital 1 d (new)
(1d) whereas the suggestion by the European Commission to invest in extremely high risk ‘derivatives’ that contribute to increasing exponentially the probability and severity of financial crises is irresponsible and inappropriate; whereas between the end of the Second World War and the 80s, financial crises were of limited magnitude; whereas since the deregulation of financial markets, owing to financial innovation and the exponential rise in derivatives, financial crises have continued with an increasingly destructive power; whereas the European Commission proposes to fuel them further through the promotion of private pension funds;
Amendment 200 #
Proposal for a regulation
Recital 1 e (new)
Recital 1 e (new)
(1e) whereas the PEPP is not an appropriate instrument for addressing the demographic challenges, and whereas the very low birth rates in Galicia, Spain, Portugal, Greece and Cyprus (all Member States subject to intervention by the Troika) are a consequence of job insecurity among young people and women, discrimination of women of child- bearing age in the labour market, the shortage of rental accommodation resulting from the lack of a public housing policy and the absence of child benefits, and whereas these problems will not be solved by financial innovation and the expansion of capital markets;
Amendment 201 #
Proposal for a regulation
Recital 1 f (new)
Recital 1 f (new)
(1f) whereas the profitability or unprofitability of financial products is essentially uncertain; whereas it should be noted that the root cause of the 2007 crisis was the creation and sale of complex financial products based on subprime mortgages; whereas these products were awarded AAA ratings, i.e. the highest creditworthiness, by the three main rating agencies –Standard & Poor’s, Moody’s and Fitch – only weeks before their value was reduced to zero.
Amendment 202 #
Proposal for a regulation
Recital 1 g (new)
Recital 1 g (new)
(1g) whereas Alan Greenspan, the then President of the US Federal Reserve, acknowledged that while he was aware a lot of these practices were going on, he had no notion of how significant they had become until very late;
Amendment 203 #
Proposal for a regulation
Recital 1 h (new)
Recital 1 h (new)
(1h) whereas, against this background, it cannot be argued that workers are fully aware of the key elements of the product and of the risks;
Amendment 204 #
Proposal for a regulation
Recital 1 i (new)
Recital 1 i (new)
(1i) whereas in a report published in 2010 promoting the expansion of private pensions, the Spanish association of savings and investment product providers acknowledged that the capital belongs to the employees involved in the various pension schemes and that the risk is entirely borne by the participants;
Amendment 205 #
Proposal for a regulation
Recital 1 j (new)
Recital 1 j (new)
(1j) whereas the PEPP promoters are banks, insurance companies, asset managers, occupational pension funds and investment companies, and whereas potential social security contributions which could increase the revenue of public pension schemes are diverted to private companies which will make significant profits;
Amendment 206 #
Proposal for a regulation
Recital 1 k (new)
Recital 1 k (new)
(1k) whereas in order to promote PEPP subscriptions, the European Commission has called for tax deductions in Member States, and whereas in order to encourage Member States to grant tax deductions for PEPPs, the Commission adopted a recommendation, together with this proposal, on the tax treatment of personal pension products, including pan- European Personal Pension Products;
Amendment 207 #
Proposal for a regulation
Recital 1 l (new)
Recital 1 l (new)
(1l) whereas tax deductions for contributions to personal pension schemes are very regressive and whereas low-income workers cannot set aside any amount for pension schemes and are thus not able to benefit from any deductions; whereas it is those with high salaries and capital incomes who are able to make large contributions and benefit from deductions;
Amendment 208 #
Proposal for a regulation
Recital 1 m (new)
Recital 1 m (new)
(1m) whereas with this Proposal for a Regulation the European Commission is giving up on the aim to ensure adequate public pensions.