28 Amendments of Werner LANGEN related to 2013/2021(INI)
Amendment 6 #
Motion for a resolution
Recital A
Recital A
A. whereas the Commission estimates that the financial crisis cost EU governments around, since the beginning of the crisis, state aid of more than EUR 1.6 trillion (13 2.8% of EU GDP) in state aid through bailouts of the financial sector4; __________________ 4 Some Member States, such as the UK, used up to two thirds of their GDP on account of the size of their financial sectors.was granted to the financial sector between 2008 and the end of 2011 (including the recapitalisation of Northern Rock in 2007), some EUR 1 080 billion of which went on guarantees, EUR 320 billion on recapitalisation measures, EUR 120 billion on impaired assets and EUR 90 billion on liquidity measures4; __________________ 4 COM(2012)778
Amendment 15 #
Motion for a resolution
Recital B
Recital B
B. whereas in the fiveour years since the 2008/2009 global economic and financial crisis, the EU economy has remained in a state of recession, with Member States providing subsidies and implicit guarantees to banks;
Amendment 17 #
Motion for a resolution
Recital C
Recital C
C. whereas excessive risk-taking, excessive leverage, inadequate equity capital and liquidity requirements and, the excessive complexity of the overall banking system were at the root of, excessively-large banking sectors in small economies, a lack of checks and supervision, excessive expansion of trading in derivatives, incorrect rating assessments and excessive bonus systems contributed to causing the financial crisis;
Amendment 29 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas in Europe, risks were also accumulated by commercial banks, which issued loans in the real estate sector on the basis of short-sighted, defective risk management;
Amendment 33 #
Motion for a resolution
Recital D
Recital D
D. whereas the current post-crisis weakness in the structure of EU banks demonstrates the need for reformrisis made clear the need for reform of the structure of EU banks in order to serve the wider needs of the real economy;
Amendment 45 #
Motion for a resolution
Recital E
Recital E
E. whereas the eighth (December 2012) edition of the Commission’s Consumer Markets Scoreboard clearly indicates that consumer trust in the EU in banking sectorrvices is at an all-time low and that the industry has high levels of noncompliance with consumer protection legislation5;
Amendment 50 #
Motion for a resolution
Recital F
Recital F
F. whereas researcha study by the Bank of International Settlements (BIS) suggests that once bank assetthe volume of private sector loans exceeds a country’s GDP, its financial sector has a negative impact on economic growth as a measure of the size of the financial sector and relative employment in that sector rises rapidly, an excessively large financial sector can have a negative effect on the increase in productivity, as human and financial resources are drained from other areas of economic activity6;
Amendment 68 #
Motion for a resolution
Recital G
Recital G
G. whereas the financial crisis demonstrated the problem of cross- contaminationnetworking between banks’ retail and investment activities;
Amendment 80 #
Motion for a resolution
Recital H
Recital H
H. whereas a legislative proposal by the Commission proposal should provide for a strong, stable and resilient banking sector for the internal market while respecting the diversity of the Member States’ banking sectors;
Amendment 84 #
Motion for a resolution
Recital I
Recital I
I. whereas, since it is neither feasible nor desirable to effect a bank separation post- failure, an effective recovery and resolution regime is needed in order to provide authorities with a credible set of tools, including a bridge bank, so that they can intervene sufficiently early and quickly in an unsound or failing bank to enable its essential financial and economic functions to continue, while minimising the impact on financial stability and ensuring an effective recovery and resolution regime is needed in order to ensure that appropriate losses are imposed on the shareholders and creditors who bore the risk of investing in the institution in question, and not by taxpayers or depositors;
Amendment 96 #
Motion for a resolution
Recital J
Recital J
J. whereas the EU banking sector remains highly concentrated: 14 European banking groups are global systemically important financial institutions (SIFIs), and 15 European banks ownshare 43 % of the market (in terms of asset size) and representand exceed 150 % of EU-27 GDP, with individual Member States citing evenconsiderably higher ratios; whereas the ratio of bank size to GDP has triquadrupled since 2000 Luxembourg, Ireland, Cyprus, Malta and Great Britain;
Amendment 112 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the HLEGLiikanan Group’s analysis and recommendations on banking reform and considers them a sound basis for initiating reforms;
Amendment 126 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Takes the view that while current proposals for reforms of EU banking sector rules (including the Capital Requirements Directive and Regulation, the Recovery and Resolution Directive, the Single Supervisory Mechanism, the Deposit Guarantee Schemes Directive and shadow banking initiatives) are vital, a moreessential in achieving a fundamental reform of the banking structure is essential, and complementary to the other proposals;
Amendment 136 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Stresses that particularly the higher capital requirements and clearing obligations for OTC-traded derivatives will make a significant contribution to reducing risk in the financial sector;
Amendment 143 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Urges the Commission to conduct, in any further legislative initiatives, a thorough analysis, in advance, of the effects of the laws on regulation in the banking sector which are currently under discussion or have already been adopted and to include the results in an impact study on the legislative proposal;
Amendment 150 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Insists thatUrges the Commission’ to include in its impact assessment include a thorough assessmentan evaluation of the cost to both public finances and financial stability of the failure of an EU- based bank during the current crisis, together with information on the nature of the EU’s current universal banking model, including the size and balance sheets of the retail and investment activities of all universal banks operating in the EU, broken down by individual bank and country;
Amendment 161 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Reminds the Commission of the warning issued by the European Banking Authority and the European Central Bank (ECB) that financial innovation can undermine the objectives of structural reforms, and insists that structural reforms be subject to periodic review7;(does not affect the English version)
Amendment 175 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Considers that the core principle of banking reform must be to deliver a safe, stable and efficient banking system that serves the needs of the real economy, customers and consumers; takes the view that structural reform must stimulate economic growth by supporting the provision of credit to the economy, in particular to SMEs and start-ups, provide greater resilience against potential financial crises, restore trust and confidence in banks and remove risks to public finances;
Amendment 215 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 240 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 324 #
Motion for a resolution
Paragraph 12 – point d
Paragraph 12 – point d
Amendment 350 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Underlines the necessity of assessing the systemic risk presented by both the retail and investment entities, as well as by the group as a whole, with a view to the application of appropriate capital buffers and liquidity requirements for each entity;
Amendment 399 #
Motion for a resolution
Paragraph 19
Paragraph 19
Amendment 407 #
Motion for a resolution
Paragraph 20
Paragraph 20
Amendment 425 #
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 436 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Urges the Commission to ensure that compensation and remuneration systems at all relevant levels of a bank reflect its overall performance and are focused on quality customer service and long-term financial stability rather than short-term profits;
Amendment 437 #
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 457 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Stresses that effective competition is necessary in order to ensure a well- functioning and efficient banking sector which fundsimproves funding of the real economy by reducing the cost of banking services;