Outcome of negotiation on Banking supervision rules:
- extracts from the press conference
Lieu: Brussels, Belgium - European Parliament
End production: 19/03/2013 First transmission: 19/03/2013
A deal on banking supervision legislation that will strengthen EU-level oversight of many EU banks was struck by Parliament and Council negotiators on Tuesday. Parliament's negotiators inserted many provisions strengthening the system's transparency and accountability. They also ensured that its working structures will be imbued with a European spirit, rather than reflecting just a sum of national interests. Marianne Thyssen (EPP, BE), rapporteur for the text entrusting the ECB with bank supervisory powers, said: "This deal is a very important first step towards a full banking union. It will enforce integration of the financial sector and strengthen confidence. We have set up a system where people will be working for the European interest and where there will be more accountability. The system should also be attractive to non-Eurozone Member States." Sven Giegold (Greens, DE), rapporteur for the text amending the role of the European Banking Authority, said: "This agreement is a breakthrough for democratic control of the financial sector. Crucially, the agreement reached today will provide for strengthened democratic accountability under the proposed system, with the European Parliament getting a clear scrutiny role over the European Central Bank in its performance of its tasks. The deal will also help ensure that the diversity of the EU's banking system is taken into account of by the supervisory system."
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Exterior shot of the EP, Brussels
||Ambience shots before the press conference starts.
||SOUNDBITE (English) Marianne THYSSEN (EPP, BE) Rapporteur: "I think this is a very important decision we took today - the SSM (Single Supervisory Mechanism) side, where I was rapporteur - because it is a real structural far going measure that will reinforce the integration on the European financial markets. It will make the financial sector more solid, stronger and more secure. I think confidence can easily come back after this enters into force. This consistent and high quality supervisory system that we want to have started will also bring more protection to the economy and to the depositors".
||SOUNDBITE (English) Marianne THYSSEN (EPP, BE) Rapporteur: "Democratic accountability was very important in the last hours of the negotiation and this is really fundamental because what we can not support is that there is a transfer of competences from national member states to the European level without a transfer of the accountability and the powers of the Parliaments".
||SOUNDBITE (English) Sven GIEGOLD (GREENS/EFA, DE) Rapporteur: "This is the largest step towards integration since the euro and it is not to be underestimated, what it means is that member states are ready to share their sovereignty over the supervision of their key banks and that it is something really important and will break with the culture of 'soft touch' regulation and supervision which was rather performed in order to support the own financial centre, and now we will have a much more coherent approach to financial supervision".
||SOUNDBITE (English) Sven GIEGOLD (GREENS/EFA, DE) Rapporteur: "The large banks will come under European supervision but the smaller banks, below 30 billion of balance sheet, will remain under the national supervision, but the system as a whole will be supervised by the ECB in order to ensure consistency".
||SOUNDBITE (French) Michel BARNIER, Member of the EC in charge of Internal Market and Services: "This is a mayor step forward that will make the Eurozone stronger and that will allow to better supervise the banks. This is a mayor advance for Europe because we have decided to supervise together the main source of financing of the economy and the territory".
||SOUNDBITE (French) Michel BARNIER, Member of the EC in charge of Internal Market and Services: "I think that a tight supervision conducted by the European Central Bank could have avoid the current situation in Cyprus. I can also refer to the managing of the banking crisis in Ireland or in Spain. So.. let's have in mind all these crisis, current or past, for drawing the lessons and act as quickly as possible in protecting the savers, the contributors and therefore the European economy".
||Cutaways (6 shots)
||SOUNDBITE (English) Marianne THYSSEN (EPP, BE) Rapporteur: "This is really the first concrete step in the banking union we are developing, and the first thing we have to do is organising a European based banking supervision. What we really need is to restore confidence and to make the banking system more solid, so we do not only have new banking rules, new conditions for the banks, new laws they have to take into account; but also the supervision will be organised in a far better way, in a high qualified and uniformed system for all the banks in Europe".
||SOUNDBITE (English) Marianne THYSSEN (EPP, BE) Rapporteur:"This is already one condition that is fulfilled to make it possible that the European stability mechanism will be able to recapitalise directly banks in difficulties".
||SOUNDBITE (English) Sven GIEGOLD (GREENS/EFA, DE) Rapporteur: "For the tax payers it means that the rise to the bottom in the financial supervision comes to an end. It is not anymore possible to offer more attractive conditions for supervision for banks in one country than the other and therefore it protects us from future losses in the banking system."
||SOUNDBITE (English) Sven GIEGOLD (GREENS/EFA, DE) Rapporteur:"I think we have to differentiate between old losses and new losses. There are a lot of old losses in the European Banking system and it is very important to tackle now this quickly because Europe can not get back to sustainable growth without tackling the old losses. But new losses can be prevented by a strict supervision and that is what we will put in place now".
||Cutaways (2 shots)