Activities of Miguel PORTAS related to 2010/2302(INI)
Plenary speeches (4)
Explanations of vote
Explanations of vote
Explanations of vote
Explanations of vote
Amendments (11)
Amendment 2 #
Motion for a resolution
Recital B
Recital B
B. whereas CRAs are information intermediaries, which aim to reducinge information asymmetries in the capital markets and facilitating global market access, reducing information costs and widening the potential pool of borrowers, thus providing liquidity to markets and helping find prices,
Amendment 19 #
Motion for a resolution
Recital F
Recital F
F. whereas the industry’s key problem is lack of competition and the regulatory system’s key problem is dependency on external credit ratingsrelates to the reliability of its assessments, a problem which is worsened by its ologopolistic character,
Amendment 27 #
Motion for a resolution
Recital Fa (new)
Recital Fa (new)
Fa. whereas the key problem of the regulatory system is its overdependence on external credit ratings,
Amendment 31 #
Motion for a resolution
Recital I
Recital I
I. whereas the recent developments in the euro crisis have highlighted the significant role of sovereign debt ratingating agencies' assessments of several EU Member States' sovereign debt have played a significant role in the evolution of the euro crisis and the increased burden on the taxpayer in various Member States,
Amendment 46 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Considers that, in the light of the change in the nature of credit ratings, where the issuer is rated to get a preferential treatment under a regulatory framework rather than to gain access to the global capital markets, the over-reliance of the global financial regulatory system on credit ratings has to be reduced as far as possible and in a realistic timeframe;
Amendment 61 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. AskUrges the European Central Bank and the national central banks to review their use of external ratings, and urges them to build up expertise in devising their own models to assess the credit standard of eligible assets used as collateral for liquidity-providing operations, andin order to reduce their reliance on external ratings and ultimately, within a realistic time-frame, dispense with them;
Amendment 82 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for the establishment of a fully independent European Con the Commission to undertake an impact and viability assessment regarding the establishment of a European public foundation with the task of carrying out credit Rrating Foundation (ECRaF) whichs, which would be independent of the Member States, the Commission and the Council and would expand its expertise into all three sectors of ratingthe private ratings sectors;
Amendment 90 #
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 98 #
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 112 #
Motion for a resolution
Paragraph 14
Paragraph 14
Amendment 154 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Considers that, as almost all inRecognises that ratings of sovereign debt are the outcome of a mixture of statistical analyses based on a country's record and the formulation on sovereigns is available in the public domain, larger and more sophisticated market players should use internal models to assess sovereign credif a subjective opinion on its future; the first are public and are available to investors who, in the case in point, have enough of an institutional dimension to make use of internal assessment methods; the second are subjective in nature and cannot be reduced to a calculus of probabilities. The Commission is therefore recommended to propose that the Member State should cease to resort to the private ratings sector for the assessment of their debt risksues;