Economic and Financial Affairs Council: Extracts from the press conference by the Irish Presidency and the European Commission

Type: News   Reference: 93452   Duration: 00:04:22  Lieu: Brussels, Belgium - Council
End production: 05/03/2013   First transmission: 05/03/2013
The Council was called on to broadly endorse a compromise reached with the European Parliament on the "CRD 4" package of bank capital requirements. It also took note of a compromise with the Parliament of the "two-pack" of economic governance measures. The Council discussed a package of measures to combat VAT fraud, and may approve guidelines for work on the measures. The recent G-20 finance meeting and the further development of economic and monetary union were amongst other items on the agenda.

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00:00:00 Title 00:00:05
00:00:05 Arrival of the speakers 00:00:11
00:00:16 SOUNDBITE by Michael Noonan, Irish Minister for Finance and President in office of the Council (In English) saying that: The main news today is on the Capital Requirement Package. I'm pleased to report that we have a broad majority in favour of the compromise package we agreed with the parliament last week. On this basis we asked our ambassador to finalize the negotiations with the Parliament. However there are some technical points including the date of entry into force and some details on the remuneration provisions. 00:00:24
00:00:40 Cutaway of a photographer 00:00:04
00:00:44 SOUNDBITE by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro (In English) saying that: I want to welcome the Council's unanimous approval today of the agreement on the 2 pack which marks another step towards further reinforcement of economic governance in the Euros area that these 2 regulations represent. I hope that the European Parliament will complete the legislative process next week in Strasbourg with a strong vote in favour of these proposals which are indeed the essential foundations for the next steps in rebuilding and reinforcing our economic and monetary union. 00:00:40
00:01:24 Cutaway of the audience 00:00:04
00:01:28 SOUNDBITE by Olli Rehn (In English) saying that: I'm very pleased with the agreement today that the Troika should propose the best possible option for potential adjustment of maturities for EFSF and EFSM launch for Portugal and Ireland with a view to further supporting a successful exit from the program and a sustainable return to full market financing. 00:00:30
00:01:58 Cutaway of a cameraman 00:00:04
00:02:02 SOUNDBITE by Olli Rehn (In English) saying that: Latvia has concluded that it is ready to request a convergence assessment with the aim of adopting the Euro in January 2014 next year. The Commission will do its job and will make a thorough and objective assessment based on the Treaty in line with equal treatment and without any bias in either direction. 00:00:28
00:02:30 Cutaway of the audience 00:00:03
00:02:33 SOUNDBITE by Michel Barnier, Member of the EC in charge of Internal Market and Services (In French) saying that: Progress is made where the EU does not count itself nearly to satisfy commitments vis-à-vis other G20 countries; on 2 points we are ready to go further and we will push these points in G20 Financial stability Board. These 2 points are transparency that we owe to our citizens, requires what bank get in the way of subsidies, what taxes banks pay in all the jurisdictions where they are present, I'm referring to European banks and secondly on remuneration. 00:00:35
00:03:08 Cutaway of the audience 00:00:03
00:03:11 SOUNDBITE by Michel Barnier (In French) saying that: The crisis started in the American banking sector and spread to part of European banking sector and it as linked to issues of liquidity which we are addressing, to a shortage of capital we are addressing that point, sometimes also to poor governance out of lack of supervision and we addressed that point too. The last cause really was irresponsibility generated to that extend by the fact that bonuses could be paid without limit to the point that certain bankers were paid more if they took bigger risks; and when the risks turn into catastrophe, disasters, bankruptcy, then it was the tax payer who was called in to save all that, well that's finishes, enough of that. 00:01:01
00:04:12 Speakers leaving the press room 00:00:10
00:04:22 End 00:00:00
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