43 Amendments of Eva JOLY related to 2010/2006(INI)
Amendment 6 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the participation of shareholders at first and then of creditors to the burden sharing is crucial for reducing to the minimum the cost for taxpayers arising from any crisis of financial markets and institutions,
Amendment 15 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas all cross-border institutions should be supervised and regulated on a cross-border basis,
Amendment 16 #
Motion for a resolution
Recital F b (new)
Recital F b (new)
Fb. whereas financial stability and integrated financial markets require cross-border supervision of cross-border and systemic financial institutions,
Amendment 35 #
Motion for a resolution
Recital N a (new)
Recital N a (new)
Na. whereas a framework for crisis resolution should be applicable to all cross border financial institutions,
Amendment 55 #
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas national resolution authorities should have the legal authority to temporarily delay immediate operation of contractual early termination clauses in order to complete a transfer of certain financial market contracts to another sound financial institution, a bridge financial institution or other public entity,
Amendment 56 #
Motion for a resolution
Recital P b (new)
Recital P b (new)
Pb. whereas supervision, early intervention powers and measures related to resolution should be considered as three interlinked steps of a common framework,
Amendment 57 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit to Parliament by 31 December0 April 2011, on the basis of Article 50 and Article 114 of the Treaty on the Functioning of the European Union,, one or more legislative proposals or proposals on an EU crisis management framework, a resolution unit and, an EU financial stability fund and a network of national stability funds, following the detailed recommendations below;
Amendment 62 #
Motion for a resolution
Annex – recommendation 1 – paragraph 1 – indent 8 a (new)
Annex – recommendation 1 – paragraph 1 – indent 8 a (new)
• internalise negative externalities created by financial markets and institutions;
Amendment 67 #
Motion for a resolution
Annex – recommendation 1 – paragraph 2 a (new)
Annex – recommendation 1 – paragraph 2 a (new)
Amendment 68 #
Motion for a resolution
Annex – recommendation 1 – paragraph 2 b (new)
Annex – recommendation 1 – paragraph 2 b (new)
2b. A binding regulation should define thresholds for triggering intervention of supervision and resolution authorities as well as binding guidelines for fiscal burden sharing in the framework of crisis management.
Amendment 69 #
Motion for a resolution
Annex – recommendation 1 – paragraph 2 c (new)
Annex – recommendation 1 – paragraph 2 c (new)
2c. As a part of these guidelines, special provisions should be defined in order to guarantee fair treatment of all subsidiaries and branches of the same cross-border institution in all Member States and therefore avoid decapitalising subsidiaries and branches detrimental to host Member States' financial stability.
Amendment 70 #
Motion for a resolution
Annex – recommendation 1 – paragraph 2 d (new)
Annex – recommendation 1 – paragraph 2 d (new)
2d. Once the process related to harmonisation of insolvency and supervision provisions is completed at the end of the transition period there should be a single EU resolution authority as a separated body or as a unit within EBA.
Amendment 71 #
Motion for a resolution
Annex – recommendation 1 – paragraph 2 e (new)
Annex – recommendation 1 – paragraph 2 e (new)
2e. National resolution authorities should have the legal authority to temporarily delay immediate operation of contractual early termination clauses in order to complete a transfer of certain financial market contracts to another sound financial institution, a bridge financial institution or other public entity. Accordingly, Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements1 should be amended in order for resolution authorities to be able to complete such transfers. 1 OJ L 168, 27.6.2002, p. 43.
Amendment 72 #
Motion for a resolution
Annex – recommendation 1 – paragraph 2 f (new)
Annex – recommendation 1 – paragraph 2 f (new)
2f. Resolution authorities should be entitled to derogate from a number of provisions of Directive 77/91/EEC, Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids1, and Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies2, adherence to which may delay or even block the rapid recapitalisation or the restructuring of a failing bank. 1 OJ L 142 , 30/04/2004 p.12. 2 OJ L 184, 14.7.2007, p. 17.
Amendment 73 #
Motion for a resolution
Annex – recommendation 1 – paragraph 2 g (new)
Annex – recommendation 1 – paragraph 2 g (new)
2g. In order to improve cooperation and transparency, peer reviews of supervisors should be carried out on a regular basis under the lead of the European Banking Authority and should be built on prior self-assessment.
Amendment 74 #
Motion for a resolution
Annex – recommendation 1 – paragraph 2 h (new)
Annex – recommendation 1 – paragraph 2 h (new)
2h. Whenever a resolution or a wind-up of a cross border institution arises, an in- depth investigation should be carried out by independent experts appointed by the European Banking Authority in order to highlight the causes and responsibilities involved. These investigations should be reported to the EP.
Amendment 83 #
Motion for a resolution
Annex – recommendation 1 – paragraph 3
Annex – recommendation 1 – paragraph 3
3. Attribute to the relevant supervisor the responsibility for crisis management and the approval of each bank’s contingency plan, as follows: • for Systemic Brelevant cross-border banks: the European Banking Authority (EBA) in close cooperation with the college of national supervisors and the Cross -Border Stability Groups (as defined in the above- mentioned Memorandum of Understanding of June 2008); • for all other cross border non-systemic banks: the consolidated supervisor within the college, under the coordination of the EBA and in consultation with the Cross- Border Stability Groups; • for local banks: the local supervisor.
Amendment 90 #
Motion for a resolution
Annex – recommendation 1 – paragraph 4
Annex – recommendation 1 – paragraph 4
4. Design an EU supervisors’ common set of rules for crisis management including common methodologies, definitions and terminology, as well as a set of relevant criteria for stress test of cross-border banks.
Amendment 93 #
Motion for a resolution
Annex – recommendation 1 – paragraph 5
Annex – recommendation 1 – paragraph 5
5. Resolution plans to become a mandatory regulatory requirement on a regular basis, these plans must include an in depth self- assessment of the institution.
Amendment 96 #
Motion for a resolution
Annex – recommendation 1 – paragraph 6 – indent 2
Annex – recommendation 1 – paragraph 6 – indent 2
• leverage and desegregated short-term and long-term leverage;
Amendment 102 #
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 2
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 2
• recommend or impose changes of management;
Amendment 120 #
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 8 a (new)
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 8 a (new)
• impose profits and dividend retention and restrictions in order to consolidate capital requirements and to insure that shareholders and creditors pay before taxpayers;
Amendment 121 #
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 8 b (new)
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 8 b (new)
• restructure and transfer assets and liabilities to other institutions with the objective to ensure continuity of systemically important operations;
Amendment 122 #
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 8 c (new)
Annex – recommendation 1 – paragraph 8 – subparagraph 1 – indent 8 c (new)
• define criteria in order to value impaired assets.
Amendment 135 #
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 2 – introductory part
Annex – recommendation 1 – paragraph 8 – subparagraph 2 – introductory part
For banks contributing in the EU Financial Stability Fund and the network of national Funds, the supervisory powers shall also include:
Amendment 137 #
Motion for a resolution
Annex – recommendation 1 – paragraph 9
Annex – recommendation 1 – paragraph 9
9. All the above-mentioned tools shall be applied in full compliance with the EU competition rules and equal treatment of creditors and depositors across Member States. In this perspective, competition rules must be permanently assessed and updated in order to deter ‘too big or interconnected to fail’ institutions.
Amendment 151 #
Motion for a resolution
Annex – recommendation 2 – paragraph 1
Annex – recommendation 2 – paragraph 1
1. Systemic BankAll relevant cross-border institutions, due to their special risk profile, require to be urgently addressed by a new special regime to be known as the European Bank Company Law to be designed until the end of 2011.
Amendment 164 #
Motion for a resolution
Annex – recommendation 2 – paragraph 2
Annex – recommendation 2 – paragraph 2
2. Systemic Banks shall adhere to the new reinforced special regime which shall overcome legal impediments to effective action across borders while ensuring clear and predictable treatment of shareholders, depositors, creditors and other stakeholders.
Amendment 172 #
Motion for a resolution
Annex – recommendation 2 – paragraph 3
Annex – recommendation 2 – paragraph 3
3. The Commission shall adopt a measure setting up, before April 2011, criteria for definition of relevant cross-border institutions and Systemic Banks based on a draft elaborated by the European Systemic Risk Board (ESRB). Banking Authority. In the same perspective the Commission should adopt through delegated acts a set of criteria for stress tests relevant for cross-border financial institutions.
Amendment 179 #
Motion for a resolution
Annex – recommendation 2 – paragraph 4
Annex – recommendation 2 – paragraph 4
4. The ESRB shall draw, until December 2011, a list of Systemic Banks and a list of relevant cross-border banks and update it on a regular basis.
Amendment 182 #
Motion for a resolution
Annex – recommendation 2 – paragraph 5
Annex – recommendation 2 – paragraph 5
5. For each of the Systemic Banks and for each of the relevant cross-border institutions, the EBA shall lead the college of supervisors, act under normal circumstances through national supervisors and retain the ultimate decision power and a binding mediating role.
Amendment 200 #
Motion for a resolution
Annex – recommendation 3 – title
Annex – recommendation 3 – title
Recommendation 3 on EU Financial Stability Fund and the network of national stability funds
Amendment 201 #
Motion for a resolution
Annex – recommendation 3 – paragraph 1
Annex – recommendation 3 – paragraph 1
1. An EU Financial Stability Fund and a network of National Funds governed by the same binding rules including ex ante mechanisms for fiscal burden sharing shall be created, under the responsibility of the EBA, to finance interventions (rehabilitation or orderly winding-up) aimed at preserving the system’s stability and limit contagion from failing banks. The Commission shall present to the Parliament, by April 2011, a proposal with details of the Fund’s charter, structure, governance, size, operating model as well as a precise calendar for implementation (in accordance with points 2 and 3 below). A reinforced cooperation of Member States should be properly assessed as an option.
Amendment 205 #
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – introductory part
Annex – recommendation 3 – paragraph 2 – introductory part
2. The Fund and the network of national funds shall be:
Amendment 206 #
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 1
Annex – recommendation 3 – paragraph 2 – indent 1
Amendment 212 #
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 2
Annex – recommendation 3 – paragraph 2 – indent 2
• funded ex-ante by the Systemic Banksall banks settled in the Union on the basis of risk-based, countercyclical criteria;
Amendment 216 #
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 2 a (new)
Annex – recommendation 3 – paragraph 2 – indent 2 a (new)
• the bank levy should be adjustable in order to slow down rapid credit growth and risk accumulation;
Amendment 221 #
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 5 a (new)
Annex – recommendation 3 – paragraph 2 – indent 5 a (new)
• built in order to limit exposure to uninsured short-term funding and therefore target the risk of sudden withdrawals of wholesale funding;
Amendment 222 #
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 5 b (new)
Annex – recommendation 3 – paragraph 2 – indent 5 b (new)
• set up in order to exempt insured deposits;
Amendment 223 #
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 5 c (new)
Annex – recommendation 3 – paragraph 2 – indent 5 c (new)
• complementary to counter-cyclical capital requirements and progressive with respect to the size of the institution as it targets liquidity risks irreducible to credit and market risk;
Amendment 224 #
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 5 d (new)
Annex – recommendation 3 – paragraph 2 – indent 5 d (new)
• set in order to discourage banks from running large proprietary trading with cheap short-term funding;
Amendment 227 #
Motion for a resolution
Annex – recommendation 3 – paragraph 3 – introductory part
Annex – recommendation 3 – paragraph 3 – introductory part
3. Accordingly with provisions of the binding regulation defining guidelines for fiscal burden-sharing and governance of the EU fund and the network of national funds. The Commission shall also address:
Amendment 228 #
Motion for a resolution
Annex – recommendation 3 – paragraph 3 – indent 1
Annex – recommendation 3 – paragraph 3 – indent 1
• investment guidelines for the Fund’s and national network of funds' assets (risk, liquidity, alignment with EU targets);