3 Amendments of Saïd EL KHADRAOUI related to 2011/2006(INI)
Amendment 1 #
Draft opinion
Paragraph 1
Paragraph 1
1. Takes the view that cross-border living wills should be legally enforceable; is of the opinion this is an important step in an appropriate cross border insolvency framework within the financial sector; underlines however that, more generally, a European crisis management framework needs to be created, with a common minimum set of rules and ultimately a common crisis resolution and insolvency law system, applicable to all banking institutions operating in the Union;
Amendment 6 #
Draft opinion
Paragraph 7
Paragraph 7
7. Is of the opinion that objectives should include building a roadmap for the achievement of fully harmonised cross- border insolvency across the EU and actively pursuing an international consensus, at least in the case of large conglomerates.; considers that this harmonised framework should focus inter alia on – setting up an administrative liquidation procedure for banks to facilitate a faster and more orderly liquidation than the standard court-based procedure; – setting up priority rankings and rules on claw-back actions; – the coordination and efficient administration of international financial group insolvencies;
Amendment 7 #
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Points out, however, that legal harmonisation is only one (and in fact probably the easier) part of the process towards ensuring orderly international resolutions in future; observes that harmonisation alone is not a sufficient precondition to an orderly international resolution and that, ultimately, this depends on countries agreeing to more effective mechanisms for procedural coordination.