Extracts from the press conference by Michel Barnier on the communication on shadow banking

Type: Summary of press conference   Reference: I-081317   Duration: 10:03:12  Lieu:
End production: 04/09/2013   First transmission: 04/09/2013
On 4 September 2013, Michel Barnier, Member of the EC in charge of Internal Market and Services, gave a press conference on the adoption of the communication on shadow banking and proposes draft regulation on money market funds. The communication is a follow-up to the 2012's Green Paper on Shadow Banking. It summarises the work undertaken so far by the Commission and sets out possible further actions in this important area.

Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
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TIME DESCRIPTION DURATION
10:00:00 Title 00:00:05
10:00:05 Exterior view of the Berlaymont building in Brussels 00:00:05
10:00:10 Soundbite by Michel Barnier, Member of the EC in charge of Internal Market and Services (in FRENCH) saying that they want to learn from the crisis, learn lessons. They own it to citizens, taxpayers and companies. An efficient regulation and supervision will be applied to all financial actors. Saying that it is up to them to repair and built confidence so volatility can come down, tensions can also be alight. They are resolved to move forward with prudence. 00:00:44
10:00:55 Cutaway of a cameraman 00:00:05
10:01:01 Soundbite by Michel Barnier (in FRENCH) saying that they do not want to accuse shadow banking, they just want it to work in a normal way, they wanted it to work smoothly, there should be transparency, good supervision and the risks should be edge around about precautions. 00:00:27
10:01:28 Cutaway of the audience 00:00:05
10:01:34 Soundbite by Michel Barnier (in FRENCH) saying that the European Commission has participated actively in this preparative work. In the action plan there are basically two major things, one thing is communication, setting out actions for the future and they also got a concrete proposal with the view to looking at and dealing with money market funds. So the communication clarifies the EU roadmap in shadow banking sector. 00:00:40
10:02:14 Cutaway of the audience 00:00:06
10:02:20 Soundbite by Michel Barnier (in FRENCH) saying that they have to get a handle on risk. That is the first objective they are going to work in. The second objective is to avoid non-bank entities behaving in different ways from banks. They have to look at the legislation. The third objective, to reduce the risks associated with operations that generated excessive debts and pro-cyclical phenomenon in the financial sector. 00:00:51
10:03:12 Departure of Michel Barnier 00:00:05
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