State of play in the negotiations on the European Banking Union: - extracts from the debate

Type: News   Reference: 94485   Duration: 00:04:04  Lieu: Strasbourg, France - European Parliament
End production: 12/09/2013   First transmission: 12/09/2013
MEPs on Thursday gave their green light to the EU bank supervision system which will bring some 150 of the EU's largest banks under the European Central Bank's direct oversight from September 2014. MEPs strengthened the system's transparency and accountability and tasked the European Banking Authority to develop supervisory practices which national bank supervisors should follow. The system, which will be compulsory for Eurozone members, will be open to all other EU countries. The system will allow non-Eurozone countries to take part as equal partners. MEPs and the ECB had to spell out how the ECB supervisor would be democratically accountable and transparent. The new oversight system involves the transfer of considerable bank supervisory powers from national to EU level. MEPs and various national parliaments insisted that such a transfer of powers required commensurate democratic control of the new supervisor. According to the legislation, and the accompanying interinstitutional agreement between the EP and the ECB the European Parliament will have far-reaching access to information and shall receive a comprehensive and meaningful record of Supervisory Board meetings that enables an understanding of the discussions, including an annotated list of decisions. The Chair of the Supervisory Board will also be required to appear at regular hearings before Parliament.

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TIME DESCRIPTION DURATION
00:00:00 TITLE 00:00:05
00:00:05 EXTERIOR SHOT of the European Parliament, Strasbourg 00:00:05
00:00:10 SOUNDBITE (French) Michel BARNIER, European Commissioner for internal market and services : English translation : "Uniform single supervision is important but this is just one step forward banking union. First of all we need to continue ensuring the bank balance are robust. Now the euro is one of the greatest projects of the European union and it's got to have a system to resolve banking crisis and to do so on the basis of clear rules so that banks bail out banks rather than taxpayers bail out banks, which is what has happened over the last 5 years. So here the first part has to ensure that we get in place direct bank recovery and we've got to ensure that the losses of bankrupt banks are bail out by share holders rather than the taxpayers." 00:01:04
00:01:14 SOUNDBITE (French) Michel BARNIER, European Commissioner for internal market and services : English translation : "I think this an historical opportunity to conclude the banking union and to get in order what accounts for 75%of funding provided in the European Union, this also funding is also the main source of risk of fragility of the system. Our objective with supervision resolution is greater stability to ensure that bank can do their job and their job is to fund the real economy, the consumers and business." 00:00:36
00:01:50 SOUNDBITE (German) Sven GIEGOLD (Greens/EFA, DE), Rapporteur : English translation : "We must make sure that the ECB can have a concentrated function of supervision over the big banks, but not a concentration of critical powers. A concentration of critical powers entail and requires strong parliamentary scrutiny and control. This is why it was so crucial, and it is so crucial that we wanted to ensure that the European parliament get strong powers of scrutiny, the Chair of the Supervisory Board will be appointed by us, we'll have an election and not just one candidate, male or female, that is forced upon us." 00:00:40
00:02:30 SOUNDBITE (German) Sven GIEGOLD (Greens/EFA, DE), Rapporteur : English translation : "I think this must be a step towards more European coooperation, more integration but not less democracy. And this time I think we're going to get lot more democracy and that means that we, European Parliament, have powers that are stronger often than those that Member States' Parliaments ever had over their banks." 00:00:25
00:02:55 SOUNDBITE (Dutch) Marianne THYSSEN (EPP, BE), Rapporteur : English translation : "The Banking Union is not just the coping stone of strengthen EMU, economic monetary union, it's also important to restore confidence, so that people can see the sense of investing themselves in a sustainable long term projects which will create jobs." 00:00:22
00:03:17 SOUNDBITE (Dutch) Corien WORTMANN-KOOL (EPP, NL) : English translation : "There are some doubts left about the asset quality review : who is going to be calling the shots ? Is it the Eurogroup ? The ECB ? You, Commissioner Barnier ? Our report is going to be your involvement. Because preparing for the asset testing is something which is invested in the ECB, but there's going to be a line of demarcation between monetary and banking supervision, and that line may well become blurred. And that's wht we've been banging on for so long." 00:00:30
00:03:47 SOUNDBITE (French) Philippe LAMBERTS (Greens/EFA, BE) : English translation : "Now no doubt, the control is going to be rougher, there are going to be much more asperities than what the way things have gone so far, because there was a different kind of relationship between the national supervisors and the national banks, which was a much cosier relation" 00:00:17
00:04:04 SOUNDBITE (English) Kay SWINBURNE (ECR, UK) : "Unique in the European Parliament the ECR Group has more members from countries outside the Euro zone than countries within, some of us going to join the Euro but my own Member State of course is not. I would therefore say a personal thank you to the Members from the negotiating team and in particular Mrs Thyssen and Sven Giegold for recognising that for Banking Union to work, it must take into account the need of those outside the Eurozone too. this Package that we're going to vote onto today establishes the single banking supervisor for the Eurozone area whilst respecting the integrity of the Single Market area." 00:00:00
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