Economic and Financial Affairs Council: extracts from the press conference
Lieu: Brussels, Belgium - Council
End production: 02/05/2012 First transmission: 02/05/2012
The meeting was be dedicated to defining the Council's position for negotiations with the European Parliament on bank capital requirements , the so-called "CRD 4".
The Counci also took stock of the outcome of G-20 finance ministers and IMF annual meetings in Washington DC.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of the speakers
||SOUNDBITE (in English) by Margrethe Vestager: Danish Minister for Economic Affairs and the Interior: We have been working with the case of definitions of liquidity, we have been working with the macro-potential tools. We are working with the architecture of how to make ends meet, since what we are going to do is to implement a basin, due to European reality making, stating just the obvious that in a European context we are implementing for 800.300 institutions. We had a good discussion, there was a very constructive tone in the Council and I am looking very much forward to the 15th.
||SOUNDBITE (in French) by Michel Barnier: Member of the EC in charge of Internal Market and Services: Today, we were talking about measures to make sure banks are robust, its a rigorous implementation, a faithful and sincere implementation of Basel III requirements, taking account of the specificities of European banks. And also, and we are alone in doing this in applying the Basel rules to all banks in the European Union, 2300 banks.
||SOUNDBITE (in French) by Michel Barnier: Now a great deal of progress has been made today on the strengthened role of the European Banking Authority to make sure that banks capitalism is high quality we have looked at participations in insurance undertakings, liquidity requirements. Naturally technical work will follow but this a very broad agreement that we have obtained.
||SOUNDBITE (in English) by Margrethe Vestager: We said something very important about the ministers participating today, that the absolute majority came with the willingness of striking a compromise and making ends meet. I think that we are very close to enabling Presidency to start trialogue with the Parliamlent after the 15th.