17 December 2008

Plenary Meeting 15-18 December

Parliament debated the six-month French Presidency of the EU and adopted a motion for a resolution on the CRD, and the reports on Clearing and Settlement and Deposit Guarantee Schemes.

Parliament debated the six-month French Presidency of the EU. Many group leaders welcomed President Sarkozy's and the French government's swift and successful reaction to events in Georgia, and the rapid reaction to the economic and financial crises. Other political group leaders criticised the French Presidency for backing down on the climate change package and for pushing forward with the Lisbon ratification despite the initial No in Ireland.

 

Press release

Speech Barroso

 

Parliament also adopted a Motion for a Resolution on the Commission draft proposal on the Capital Requirements Directive. Rapporteur Othmar Karas called for an ‘adequate balance’ between the codecision and the Comitology procedure and that the provision concerning disclosure obligations relating to ECAIs be dealt with, in accordance with the codecision procedure, in the framework of either the proposal for a review of the CRD or the proposal for a CRA Regulation.

 

Motion for a Resolution

 

Parliament adopted the settlement finality directive in payment and securities settlement and financial collateral arrangements as regards linked systems and credit claims, prepared by Kauppi Piia-Noora. The aim is to reflect in law the increasingly interconnected operation of clearing and settlement systems, and to create a level playing field for central banks in Europe regarding the rules on accepting credit claims as collateral from commercial banks.

 

MEPs adopted a number of amendments resulting from an informal agreement with the Council presidency, mostly aimed at improving definitions and clarifying the text. MEPs adopted several changes, again in informal agreement with the Council, notably regarding exceptions for consumer loans and to small enterprises and regarding formal notification arrangements.

 

Given the informal agreement with the Council, these changes should now become law at this first-reading stage.

 

Press release

Adopted text (forthcoming)

 

Parliament approved report on deposit guarantee Schemes prepared by Christian Ehler, increasing the amounts to be guaranteed to 50,000 Euros in 2009 and 100,000 Euros in 2010, and a clear reduction of reimbursement periods to 20 days.

 

The increase will take effect unless a Commission impact assessment, to be ready by 31 December 2009, suggests it is not financially viable for all Member States.

 

MEPs also called on Member States to consider setting up an emergency pay-out system to make an appropriate amount available to the depositor within three days or less.

 

Member States will be required to bring it into force by 30 June 2009 at the latest.

 

Press release

Adopted text (forthcoming)

 

Further items on the Agenda

 

Disclosure requirements for medium-sized companies and obligation to draw up consolidated accounts, Van Den Burg Ieke