21 Amendments of Kay SWINBURNE related to 2010/2006(INI)
Amendment 3 #
Motion for a resolution
Recital A
Recital A
A. whereas there is at present insufficient EUinternational regulation of crisis management in the 1 OJ C 40, 7.2.2001, p. 453. banking sector,
Amendment 5 #
Motion for a resolution
Recital B
Recital B
B. whereas existing EUinternational supervisory mechanisms for the financial sector have proven ineffective in preventing or sufficiently containing contagion,
Amendment 10 #
Motion for a resolution
Recital F
Recital F
F. whereas citizens demand that the EU institutions, working in step with the G20 and other international fora, urgently create an adequate framework which, in the event of crisis, would preserve financial stability, would minimise the cost to taxpayers, would preserve basic banking services and would protect depositors,
Amendment 17 #
Motion for a resolution
Recital I
Recital I
I. whereas a strict EUinternationally recognised code of conduct for management, as well as mechanisms to deter inappropriate behaviour, are required,
Amendment 33 #
Motion for a resolution
Recital N
Recital N
N. whereas a limited number of banks (“Systemic Banks”) represent an extremely high level of systemic risk due to their size, complexity and interconnectedness across Europeon both regional and global levels, calling for an urgent and targeted special regime,
Amendment 49 #
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas a fundamental principle of regulation should be that no bank should be allowed to become "too big to fail",
Amendment 50 #
Motion for a resolution
Recital P b (new)
Recital P b (new)
Pb. whereas the elimination of "moral hazard" must be a guiding principle in future financial supervision,
Amendment 51 #
Motion for a resolution
Recital P c (new)
Recital P c (new)
Amendment 52 #
Motion for a resolution
Recital P d (new)
Recital P d (new)
Pd. whereas it is the duty of regulators in the Member States to develop early intervention tools and a resolution framework,
Amendment 53 #
Motion for a resolution
Recital P e (new)
Recital P e (new)
Pe. whereas the experience of Northern Rock, AIG, and Lehman Brothers shows that systemic risk is not confined to banks, their type, or to their size or interconnectedness, and the main focus should be on identifying and restricting the behaviour that leads to systemic failure,
Amendment 59 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Requests the Commission to submit to Parliament by 31 December 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, following the detailed recommendations below;
Amendment 60 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Considers that the financial implications of the requested proposal should be covered by appropriate budgetary allocations (excluding the contributions to the EU financial stability fund which are to be a responsibility of participating banks)within the Member States;
Amendment 66 #
Motion for a resolution
Annex – recommendation 1 – paragraph 2
Annex – recommendation 1 – paragraph 2
2. Progressively harmonizcoordinate existing national resolution and insolvency laws and supervisory powers and, within a reasonable calendar, build an effective single EU regime.
Amendment 86 #
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 Banks: the national financial supervisor in close cooperation with 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 89 #
Motion for a resolution
Annex – recommendation 1 – paragraph 4
Annex – recommendation 1 – paragraph 4
4. Design an EU supervisors’ common set of rulguidelines for crisis management including common methodologies, definitions and terminology.
Amendment 133 #
Motion for a resolution
Annex – recommendation 1 – paragraph 8 – subparagraph 2
Annex – recommendation 1 – paragraph 8 – subparagraph 2
Amendment 188 #
Motion for a resolution
Annex – recommendation 2 – paragraph 5
Annex – recommendation 2 – paragraph 5
5. For each of the Systemic Banks, 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 191 #
Motion for a resolution
Annex – recommendation 2 – paragraph 6
Annex – recommendation 2 – paragraph 6
Amendment 202 #
Motion for a resolution
Annex – recommendation 3 – paragraph 1
Annex – recommendation 3 – paragraph 1
1. An EU Financial Stability Fund shall be created, under the responsibility of the EBAnational supervisory authorities, 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).
Amendment 207 #
Motion for a resolution
Annex – recommendation 3 – paragraph 2 – indent 1
Annex – recommendation 3 – paragraph 2 – indent 1
• pan-Europeancollected by and held within the Member State;
Amendment 239 #
Motion for a resolution
Annex – recommendation 4 – paragraph 1
Annex – recommendation 4 – paragraph 1
1. A resolution unit shall be established within the EBA to lead the resolution and insolvency procedures for Systemic Banks. This unit shall: • operate within the strict boundaries defined by the legal framework and the EBA’s competencies; • be a pool of legal and financial expertise specially skilled in bank restructurings, turnarounds and liquidation; • cooperate closely with national authorities on implementation, technical assistance and sharing of staff; • propose the disbursements from the Stability Fund.