Vote on European Banking supervision : - extracts from the vote on the reports by Sven GIEGOLD (Greens/EFA, DE) and by Marianne THYSSEN (EPP, BE) - statements by Martin SCHULZ, EP President and Michel BARNIER, EU Commissioner for Internal Market

Type: News   Reference: 94486   Duration: 00:03:26  Lieu: Strasbourg / Brussels
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. Here too MEPs left their mark, pushing for a decision-making model for the system which would allow non-Eurozone countries to take part as equal partners. MEPs Marianne Thyssen (EPP, BE) and Sven Giegold (Greens/EFA, DE) steered the two legislative texts though Parliament. Both were adopted with very large majorities. Although a deal on the system had already been reached with member states in April, MEPs and the ECB then 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 therefore 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. Most importantly, this would include receiving 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. To enhance accountability Parliament will have the joint power with Council to approve the Chair and Vice-Chair of the supervisory board as well as to request their removal. It will also be able to launch investigations into possible errors by the supervisor. Finally, individual MEPs will be able to question the supervisor in writing and receive a reply rapidly.

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TIME DESCRIPTION DURATION
00:00:00 TITLE 00:00:05
00:00:05 Exterior shot of the EP, Strasbourg. 00:00:05
00:00:10 EP President Martin SCHULZ, opens the vote on the reports by Sven GIEGOLD (Greens/EFA, DE) and by Marianne THYSSEN (EPP, BE). 00:00:10
00:00:20 SOUNDBITE (English) Martin SCHULZ, EP President, reads the Declaration of the President of the European Parliament and of the President of the European Central Bank (extract): "The draft Interinstitutional Agreement provides in particular for strong parliamentary oversight of the ECB’s supervisory tasks through regular exchanges of views with Parliament's responsible committee, confidential oral discussions with the Bureau of that committee, and further access to information including to a record of proceedings of the Supervisory Board. ECB cooperation with the European Parliament in the framework of its investigations is also ensured." 00:00:38
00:00:58 SOUNDBITE (German) Martin SCHULZ, EP President : "Sometimes critical things happen, and what has been negotiated by our colleagues allows us to have a huge quantum leap in the European Policy. The supervision body of the ECB will be subject to European parliament scrutiny, and that is hugely important : it is something that is unprecedented in the European union. So I would note that result in addressing across the European union has to take place in a transparent way on the basis of debate and can be done if the European Parliament is involved." 00:00:45
00:01:43 Applauses. 00:00:07
00:01:50 Martin SCHULZ, EP President opening the vote on the Giegold report and House voting : 8 shots. 00:00:21
00:02:11 Electronic display of the result of the vote on the Legislative Resolution : 638 Voting / 556 In Favour / 54 Against / 28 Abstentions. 00:00:01
00:02:12 Applauses : 4 shots. 00:00:06
00:02:18 Martin SCHULZ, EP President opening the vote on the Thyssen report and House voting : 9 shots. 00:00:16
00:02:34 Electronic display of the result of the vote on the legislative resolution : 639 voting / 559 in favour / 62 against / 18 abstentions. 00:00:02
00:02:36 Applauses. 00:00:08
00:02:44 SOUNDBITE (French) Michel Barnier, Commissioner for Internal Market and Services : English Translation : "We are building a banking Union and we have learned the lessons of the financial crisis which is not yet over, we have been working on 28 proposal that I have presented to you those last 3 years so to bring back accountability, transparency, and morality within the financial markets. Our goal was to spare taxpayers, to protect savers, to finance consumers' and businesses projects, which are in need for credits for their investments. This is what we're doing as we are re-establishing citizen's confidence into euro as well as the confidence of the rest of the world into Europe." 00:00:42
00:03:26 END. 00:00:00
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