Vote on Credit institutions and prudential supervision:
- report Othmar KARAS (EPP, AT)
Lieu: Strasbourg, France - European Parliament
End production: 16/04/2013 First transmission: 16/04/2013
From 1 January 2014, EU banks will be stronger. Changes voted by Parliament on Tuesday will cap banker's bonuses to curb speculative risk-taking, step up capital provisions to help banks cope better with crises and stiffen supervision. This EU banking reform package, the most comprehensive so far, should also spur growth, by making it easier for banks to lend to small firms that drive the real economy. "The new set of rules is the farthest-reaching banking regulation in the EU to date. The new single rule book for all its 8,200 banks is the foundation on which the EU banking union must be built. The single supervisory mechanism will be the roof. We must now add the walls: the resolution framework for banks and deposit guarantee schemes. As legislators, we do not regulate salary levels. The rules on bankers' bonuses will instil fairness and transparency and contribute to a change in banking culture", said lead MEP Othmar Karas (EPP, AT). The package consists of a Capital Requirements Regulation (CRR), and a fourth edition of the Capital Requirements Directive (CRD IV). The CRD IV allows EU member states some flexibility, such as the right to require their domestic banks to set aside more capital than is required by the legislation, e.g. to cushion them against property price crashes. The CRD IV by 608 votes to 33, with 67 abstentions.
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||Exterior shot of the EP, Strasbourg, France.
||EP Vice-President Alejo VIDAL-QUADRAS opens the vote on Credit institutions and prudential supervision, report by Othmar KARAS (EPP, AT). Cutaway on Rapporteur voting.
||Final vote on the legislative resolution by roll-call vote, ambience shots during the vote.
||Results of the vote on screen: the CRD IV is approved by 608 votes to 33, with 67 abstentions.