Recovery of credit institutions and investment firms:
Lieu: Brussels, Belgium - European Parliament
End production: 19/09/2012 First transmission: 19/09/2012
- extracts from the report Gunnar HÖKMARK (EPP, SE)
EP Committee on Economic and Monetary Affairs
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Exterior shot of the European Parliament, Brussels, Belgium (1 shot)
||Interior view of the ECON meeting, (1 shot)
||SOUNDBITE (English): Gunnar HÖKMARK (EPP, SE), rapporteur: "I would also like to underline that you can't build the roof until you have layed the foundation. And if we fail regarding the deposition guarantee shemes, capital requirement and the resolution on recovery, we have weakened the Union and we have diminished the opportunities we have. We have a responsibility here to achieve results. I think this proposal form the Commission is extremely important element in our legislation regarding banks and financial markets. And I would like to say that it is a way to revive capitalism in a way that it should include the support from the left, centre and the right."
||SOUNDBITE (English): Gunnar HÖKMARK (EPP, SE), rapporteur: "I think that depending on what sort of crisis it is, or where on the scale we are, from the bank in crisis or the full banking crisis, there is a need also for other tools. Public guarantees, temporary public ownership and in the deep systemic crisis I think it is more acceptable to say YES to that, because most probably the values will be recovered when economy recovers, which is not the case when you have a single bank in a crisis. And that is why one of the things I would like to discuss in the committee and together with the shadows how to secure, that we have all the necessary tools in order to fight the fear, when no one else can fight the fear in the banking system."
||SOUNDBITE (German): Wolf KINZ, (ALDE, DE); shadow rapporteur: "The proposal of the Commission has some good ideas it is well structured and the approach is in many respect sound, in terms of the structure, the fact that we start with the preventive measures for all the banks, where banks can present their own resolution plan, that counts for each and every bank, that is a good thing. Secondly the early intervention is very important, with the possibility of having a special manager and restructuring and the resolution phase finally with various instruments attached to that. Once again the structure is sound."
||SOUNDBITE (German): Wolf KINZ, (ALDE, DE); shadow rapporteur: "There are opportunities to be ceased, quite rightly. The rapporteur said it quite rightly that we must have a unified approach in the European Union. We don't want to have a devision, between what is being done in the Eurozone and what's being done in the Member states that aren't part of the Eurozone. We had the global crisis and we saw that there were different approaches in different countries, that was chosen at that time and I think now has come the time to choose the things more in a unified way."
||SOUNDBITE (English): Philippe LAMBERTS, (Group of the Greens/European Free Alliance, BE), shadow rapporteur: "The size of the resolution funds as far as we can see, if we agree with the timeline the Commission put on the table and the amounts mentioning, we are speaking about 70-75 Billion, after 10 years, which for a resolution fund is probably insufficient to really manage more than 1 or 2 banks. So frankly speaking there is a limitation to that."
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