1 Amendments of Pirkko RUOHONEN-LERNER related to 2016/0364(COD)
Amendment 48 #
Proposal for a directive
Recital 1
Recital 1
(1) Directive 2013/36/EU8 of the European Parliament and of the Council and Regulation (EU) No 575/20139 of the European Parliament and of the Council have been adopted in response to the financial crises that unfolded in 2007-2008. These legislative measures have substantially contributed to strengthening the financial system in the Union and rendered institutions more resilient to possible future shocks. Although extremely comprehensive, these measures did not address all identified weaknesses affecting institutions. Deposit taking should have been separated from risky banking business, or dealing on own account or other high-risk trading activities should have been transferred to a separate entity, where these accounted for a significant share of a bank’s business. If risky activities were based within their own entity, they would no longer be supported by deposits. Also, some of the initially proposed measures have been subjected to review clauses or have not been sufficiently specified to allow for their smooth implementation. __________________ 8 Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338). 9 Regulation (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).